XRP is trading above $0.3 for the first time in over a month due to a general cryptocurrency rebound. Currently, it stands at $2.60, a recovery from its December 30 low of $2. This level is key for the cryptocurrency.
XRP’s rise is largely due to the growing popularity of Ripple’s RLUSD, a USD-pegged stablecoin. According to CoinGecko, RLUSD has over $72 million in assets and is gaining traction. It recorded $162 million in trading in just one day, making it the sixth most-used stablecoin.
RLUSD has outperformed competitors in the market, such as Justin Sun’s USDD, Frax, and PYUSD by PayPal. Notably, PYUSD, which has a relatively greater market capitalization of $534m, barely attained a 24-hour trading volume of $22m.
It is still far behind more popular stablecoins such as Tether (USDT), which had a $74 billion trading volume during the same period, and USD Coin (USDC), which had a $6.7 billion trading volume.
This has come simultaneously as increasing investor interest in Ripple-associated tokens, a fact we see reflected in XRP’s price performance. Some of the best performers are meme coins such as Pongo, XRP Army, of course, PHNIX, and Britto, which might be an indicator of further activity as part of the Ripple family. This has countered earlier critiques of Ripple as a ‘ghost chain’ that lacked the relevancy of a functional utility.
Ripple’s XRP Gains Momentum Amid Bullish Market Trends
Ripple’s XRP is steady in a bullish trend, which the markets enjoy as they await key political and regulatory events. Expectations rise with the Donald Trump inauguration and possible changes at the US Securities and Exchange Commission (SEC). According to crypto investors, Ripple benefits from such changes, especially with the approval of the spot XRP ETF. As Pullan product’s approval might come true, Polymarket predicts such an approval to be 58% likely in 2025.
Within a short time, there is evidence of a bullish trend in the trading market regarding XRP price. Unlike other market indicators, the cryptocurrency has risen for three days. The weekly XRP price recovery from $2 also holds the lower boundary of the symmetrical triangle, which should be considered a bullish pennant formation.
In the same value, XRP has just formed a bullish break-and-retest pattern, reaching a low of $1.966, its previous record high. This formation is interpreted widely as a continuation of the bullish pattern signal.
The precious security remains comfortably situated well above all key moving averages, thus supporting its current trend. They believe that $2.9150 will be the next key level of resistance in the affirmative for XRP’s current rally.
This XRP price trend remarkably shows the cryptocurrency’s stability in the market over the past few days. As RLUSD increases its adoption, ripple meme coins focusing on ecosystem utility and higher technical indications lie ahead for XRP. Until now, the market still has no clear idea about the regulations concerning XRP, while indicators and adjusted macroeconomic conditions combine to make it a cryptocurrency worth keeping a close eye on.
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