A cryptocurrency trader turned $2,500 into $200,000 by leveraging 500x on XRP futures just before a 26% price gain following the NYDFS approval for Ripple stablecoin RLUSD.
Ripple has achieved a significant breakthrough with the New York Department of Financial Services (NYDFS) granting final approval for its RLUSD stablecoin, positioning the company as a major player in the regulated stablecoin market.
XRP recently broke out of a rare and powerful technical formation known as a bullish pennant, hinting at the potential for a massive rally with a theoretical price target near $200.
XRP price is down 13% from its peak of $2.75 last week but traders continue to remain bullish on the altcoin per its technical chart.
Ripple’s CEO criticized 60 Minutes for omitting Ripple’s legal victory and advocating clearer regulations.
XRP price has dropped 18% from its $2.75 peak earlier this week as Bitcoin makes a move to $104,000, setting an eye on 60% market dominance.
Ripple CLO believes that once the regulatory issues are resolved, Ripple could lead in enterprise crypto solutions.
For XRP Ledger, this decision to lower barriers for new users on the network also frees up funds it previously held in reserve.
XRP’s remarkable rally has propelled the growth of meme coins like ARMY on the XRP Ledger, but skepticism about long-term sustainability persists.
XRP price rally continues to $2.84 surging more than 100% over the past week amid strong whale activity with large holders scooping 160 million XRP worth $380 million over the past weekend.
The demand for XRP among institutional investors has seen several fund managers file for spot ETF approval amid the upcoming change of the US SEC administration.
The surge in whale activity is coming at a significant time in Ripple’s legal battle with the US Securities and Exchange Commission (SEC).
The rise of XRP to a $140B altcoin is heavily influenced by the US political shift and notable development of the XRPL network.
With over $10 billion in client assets, Bitwise is reshaping institutional crypto investing, starting with the rebranded XRP ETP.
XRP Ledger has bagged a new update that can significantly improve scalability and overall performance.