Ripple has made significant investments in the XRP market to improve its liquidity and real-world utility following the closure of the SEC-led lawsuit.
Amid the crypto retrace fueled by the overheating Open Interest (OI) market, Ripple Labs-backed XRP XRP $2.90 24h volatility: 0.6% Market cap: $172.39 B Vol. 24h: $5.63 B price registered palpable gains and signaled the onset of its macro bull run in the short term. The utility-based large-cap altcoin, with a fully diluted valuation of about $64.4 billion and a daily average traded volume of around $3 billion, closed last week above crucial support levels.
Notably, XRP price pumped over 9 percent last week to close the weekly candle stock above the 200 Moving Average (MA) for the first time since April.
Most importantly, XRP price broke out of a macro-falling logarithmic trend and is now well positioned to rally towards its all-time high in the near term. From a technical standpoint, XRP price has broken out of a multi-year triangular pattern that began after the 2018 all-time high.
In the past 24 hours, XRP price rallied over 3 percent to trade about $0.645 on Monday, during the mid-London session. As a result, the weekly Relative Strength Index (RSI) successfully rebounded above 50 percent, indicating the bulls are in control.
However, the XRP price must consistently close above the resistance level of around 74 cents to fully invalidate possible retrace below 60 cents in the coming weeks.
7 years in the making… #XRP pic.twitter.com/SkdJnMUu8I
— Zach Rector (@ZachRector7) September 29, 2024
Factors Driving XRP Price Higher
As a utility-based altcoin, XRP has attracted notable attention from whale investors in the recent past. The XRP market has significantly heated up in the past few months following the closure of the SEC vs Ripple market, with the blockchain payment firm counting major wins.
According to the on-chain data analysis provided by Santiment, whale investors accumulated more than 470 million XRP units in the last 10 days.
In the past two days, several whales have withdrawn more than $60 million worth of XRP from the Upbit crypto exchange.
The rising demand for XRP among whale investors has significantly bolstered the bullish outlook.
🚨 31,000,000 #XRP (19,223,523 USD) transferred from #Upbit to unknown wallethttps://t.co/quGilouARV
— Whale Alert (@whale_alert) September 29, 2024
The XRP price has registered bullish sentiment in the recent past following the notable developments by Ripple on the XRPL. As Coinspeaker previously reported, Ripple intends to introduce interoperable smart contracts on XRPL by 2025 to foster the adoption of XRP via the web3 space.
Already, Ripple has been making test minting of RLUSD stablecoins on XRPL. The entrance of Ripple into the stablecoins market will significantly improve XRP’s liquidity and mainstream adoption in the near future.
Moreover, Ripple is in the business of streamlining the cross-border payment system through the use of blockchain technology and XRP. The introduction of RLUSD will further improve the company’s operations in the cross-border payment business.
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