- At $ 2.77, XRP has reached the highest level in 4 months, driven by the RLUSD adoption, the ETF hype and the increasing number of hot-end whales.
- Sales increased by 98%, with analysts expecting an outbreak of $ 4, because XRP is already at the top of the old coins despite the low altcine season index.
XRP is once again in the headlines after a price increase has brought the token up to the highest level in four months. When writing this article, XRP climbed to $ 2.77, which corresponds to a daily profit of 5.24% and the market capitalization increases $ 164 billion.
The strong dynamics have triggered renewed discussions among analysts, with some predictions that the asset could reach $ 4 in the coming days. The Crypto Oceary Standoardo Farina says, The outbreak could suddenly take place overnight and referred to the accelerating course curve and growing market interest.
The merchant data of CoinmarketCap show that the 24-hour volume of XRP has increased by 98.06 % to $ 16.24 billion, which indicates increased participation and purchase pressure. The asset reached $ 2.96, the highest level since March before stabilizing near the support zone of $ 2.75.
Analysts observed that the XRP’s intraday chart showed a clear upward trend that began around 4:00 p.m. on July 12, followed by persistent price strength throughout the session.
Despite this movement, the Altcoin market has not yet entered a complete rally cycle. The old coin season index is currently 28 out of 100 possible points, which indicates that Bitcoin is still dominating the commercial activities. The performance of XRP in this market phase has awakened the attention of analysts that consider it possible that a broad old coin outbreak will bring the token well over $ 4.
Stablecoin expansion increases benefits of the XRP Ledger
The introduction of Ripple’s RLUSD stable was also a key factor for the recent course movement of the token. The stable coin, which was introduced on the XRP Ledger, recently exceeded a market capitalization of $ 500 million and is now the eight-largest stable coin according to the market size.
Ripple selected Bny Mellon as a storage for the RLUSD reserves and strives for a national bank license and a Federal Reserve Master account.
The integration of RLUSD into the XRP Ledger increased the transaction benefit of XRP because the token is required to pay network fees. This correlation between the introduction of RLUSD and the demand for XRP has strengthened the interest of investors and contributed to the continued increase in price. Analysts believe that a further introduction of RLUSD could maintain upward pressure to XRP.
In addition, the upcoming reversions of stock markets traded funds (ETFs) contributed to the positive mood. ProShares will launch three XRP-based futures products by July 14th, followed by further reversal of Turtle Capital and Volatility Shares on July 21. While this is futures ETFs, more than ten applications for XRP-Kassa ETFs are still checked by the SEC.
The expected introduction of ETFs has increased the attention of institutions to the asset. Santiment’s on-chain data shows that the number of wallets that hold at least one million XRP has reached 2,742 and is therefore only a step away from the all-time high. These whales now hold together over 47.32 billion XRP, which indicates long -term accumulation.
Der crypto commentator oscar ramos explained recently that XRP should be prioritized in the positioning of the token and the market activity in investment strategies. Regardless of this, the influencer Alex Cobb predicted a price target of $ 22.50 until the end of the year, leading strong demand trends and a cheap market structure.
No Comments