XRP Surges 6.7% Amid Market Slump, Driven by RLUSD Launch and Whale Activity
XRP has increased 6.7% in the last 24 hours, trading above $2.36 after dropping to $1.90 on December 10. This performance contrasts with most altcoins, which have seen losses or minimal gains during the same period.
#1 Imminent Launch Of Ripple’s Stablecoin RLUSD
The anticipated launch of Ripple’s stablecoin, RLUSD, is a significant factor behind XRP's rally. Ripple CEO Brad Garlinghouse confirmed regulatory approval from NYDFS for RLUSD. The stablecoin is currently in beta testing on the Ethereum network and the XRP Ledger (XRPL). Speculation suggests that RLUSD could enhance liquidity and utility for XRP, driving speculative interest and "FOMO" (fear of missing out).
#2 Strong XRP On-Chain Activity
On-chain metrics from Santiment indicate positive trends for XRP. The Mean Dollar Invested Age shows a bullish signal, as younger coin age distributions often precede price rallies. Currently, the Mean Age of investment for XRP is 865 days, suggesting increasing activity on the XRP network. Historically, similar patterns have not reversed until key indicators show aging in coin investments.
#3 Whales Buy The Dip Amid Bullish Technical Setup
Technically, XRP maintains a bullish structure on higher time frames. It has held support above the April 2021 high of $1.96 and is approaching the 1.272 Fibonacci extension level near $2.42. A sustained break above this level could reinforce bullish sentiment. Analysts reported that whales purchased over 100 million XRP during the recent dip, indicating confidence in future price movements.
