In the midst of a sweeping crypto correction triggered by changes in U.S. monetary policy, XRP, backed by Ripple Labs, has seen a price retracement of over 5% in the last 24 hours. As of Thursday morning during the European session, XRP was trading around $2.36. Despite its substantial market cap, with a fully diluted valuation of approximately $235 billion and a 24-hour trading volume nearing $20 billion, XRP has been ensnared in a period of consolidation for the past two weeks.
However, the long-term outlook for XRP remains bullish. The cryptocurrency has confirmed the start of a macro bull run after breaking free from a six-year triangular consolidation pattern. This breakout is in part due to the triumph of pro-crypto U.S. leaders, spearheaded by Donald Trump. Additionally, the XRP/BTC pair has bounced back from a critical support level, driven by the ongoing altcoin resurgence fueled by institutional investors.
XRP Whales Accumulate More Coins
On-chain data from Santiment reveals that XRP whale investors, who hold between 100 million and 1 billion tokens, have amassed over 860 million XRP coins this week, valued at more than $2 billion. During this bullish phase, these large-scale investors continue to accrue more coins, underscoring their confidence in XRP’s future potential.
Betting on Robust Fundamentals
Ripple’s solid business model has reinvigorated interest in XRP. The ongoing legal battle between Ripple and the SEC is expected to see resolution with the incoming Trump administration. Additionally, Ripple Labs recently launched its fiat-backed RLUSD stablecoin, receiving substantial support from both centralized exchanges and DeFi protocols. This launch is anticipated to significantly boost XRP’s liquidity and strengthen the company’s cross-border payment solutions.
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Midterm Target for XRP
From a technical analysis standpoint, XRP has broken out from a bullish pennant flag pattern on the daily chart formed over the past two weeks. The potential for an inverted head and shoulders (H&S) pattern suggests that XRP could rally toward its all-time high above $3.4 in the near term. However, if XRP closes below $2 in the coming weeks, it could invalidate the bullish sentiment and extend the current market correction.
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FAQs
Why is XRP price down today?
The XRP price has dropped over 5% due to a broader crypto market correction, driven by U.S. monetary policy changes and market consolidation.
Will Ripple’s new stablecoin boost XRP’s price?
Ripple’s RLUSD stablecoin launch is expected to enhance liquidity and improve cross-border payments, potentially strengthening XRP’s price in the future.
How much will XRP be worth by the end of 2025?
By the end of 2025, XRP might reach a high of $3.99 or average around $3.07.
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