Ripple’s native crypto coin, XRP, has experienced a 24-hour 13% price uptick as whale activity and market optimism surged ahead of the launch of Ripple’s new stablecoin, RLUSD. The blockchain firm announced the stablecoin will debut today, and anticipation surrounding the event appears to increase XRP’s market activity.
According to data cited by crypto market analyst, Ali Martinez, XRP whales have added over 830 million coins in the last 24 hours alone. Whale interest has intensified in recent days, signaling confidence in the asset as Ripple pushes forward with its stablecoin initiative.
Whales have purchased over 830 million $XRP in the last 24 hours! pic.twitter.com/KzNds2CVdf
— Ali (@ali_charts) December 16, 2024
Ripple’s CEO Brad Garlinghouse confirmed RLUSD will be available today on platforms such as Uphold, MoonPay, and Bitso, with additional support expected on Bitstamp and Zerohash.
Positive signals emerge amid heightened whale activity
Data from the on-chain analytics platform Santiment highlights strong whale activity involving Ripple’s native coin over the past few weeks. Notably, large holders began accumulating the asset during a market dip in early December, contributing to XRP’s price rise from $0.60 to $0.80.
While the coin’s price rally has garnered attention, some investors appear to be cashing in on the gains. On-chain tracker Whale Alert recently flagged a transaction involving 69.3 million XRP (valued at $175.87 million) moved to Binance by a wallet identified as “rEbXa….poLBo.” Such activity suggests that certain holders may be preparing to book profits following the price surge.
CryptoQuant, another analytics platform, observed that spikes in large XRP transactions to exchanges often coincide with price peaks. These trends indicate that while whales are accumulating, some are also positioning themselves for potential profit-taking as market activity heats up.
RLUSD launch could positively affect XRP
Ripple’s highly anticipated USD-backed stablecoin, RLUSD, is set to launch globally today following Monday’s official announcement. The rollout follows Ripple’s December 10 approval from the New York Department of Financial Services (NYDFS), which greenlit the stablecoin after initial speculation of a December 4 launch.
The coin has surged over 13% in the last day, trading at $2.67, as its 24-hour trading volume soared by 156% to $17.4 billion. According to recent updates from Coinmarketcap, the cryptocurrency has achieved a remarkable year-to-date gain of over 300%.
Data from CoinGlass revealed a nearly 21% increase in XRP Futures Open Interest, signaling strong market confidence.
Other crypto analysts have also shared bullish outlooks for the token, forecasting rallies of up to $9. Maintaining support above $2.52 could be critical for XRP, with its next target at $2.72, and subsequent milestones at $5.85 and $8.76.
Technical analysis indicates XRP’s bullish momentum
Other analysts have pitched in on X, including Natalie Dormer, who noted the formation of a bullish flag pattern on the XRP/USDT 4-hour chart. Following a breakout, the $1.95 level, which previously acted as resistance, now serves as support, with the 100 EMA reinforcing the flag structure. Dormer suggested that XRP could experience strong upward movement in the coming sessions.
#XRP XRPUSDT Technical analysis update
The BINANCE:XRPUSDT price has formed a bullish flag pattern on the 4-hour chart, with the previous resistance at 1.95 now acting as support. Following the breakout, the retest of 1.95 has been completed, and the 100 EMA serves as support for… pic.twitter.com/RYLh4jeYZL— Natalie Dormer (@NatalDormer) December 17, 2024
A separate analysis by crypto trader Impulsive Dom highlighted a potential sideways movement during the holidays, with last week’s lows likely to remain protected. The analyst suggested that this consolidation could pave the way for a fifth wave, potentially pushing XRP into the $4–$5 range.
Moreover, analysts have highlighted how XRP recently broke out from a short-term descending parallel channel. This breakout suggests the short-term correction has ended, with the RLUSD launch likely contributing to renewed bullish sentiment.
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