XRP has seen a remarkable rise in recent days, reaching $2.60, its highest level in over a month. This bullish momentum follows a recovery that began on December 30, when XRP hit a critical low at $2. The surge is fueled by multiple factors, including the gradual growth of Ripple’s USD stablecoin (RLUSD), which has attracted over $72 million in assets.
According to CoinGecko, RLUSD’s adoption is showing promising signs. The stablecoin’s 24-hour trading volume recently reached $162 million, making it the sixth-most used stablecoin in the crypto market. RLUSD has even surpassed other popular coins like Justin Sun’s USDD, Frax, and PayPal’s PYUSD, which saw a 24-hour volume of just $22 million despite a market cap of $534 million.
However, RLUSD faces stiff competition from established players such as Tether (USDT) and USD Coin (USDC), which boast 24-hour volumes of $74 billion and $6.7 billion, respectively. Still, RLUSD’s growth is a positive sign for the Ripple network, which has long been criticized as a “ghost chain.” As XRP’s value continues to climb, the increased utility of the Ripple network, aided by the rise of Ripple meme coins like Pongo, XRP Army, PHNIX, and Britto, plays a significant role in fueling the current rally.
XRP’s surge also coincides with heightened investor optimism as the U.S. prepares for Donald Trump’s inauguration. Many crypto investors believe Ripple stands to benefit from the anticipated changes at the Securities and Exchange Commission (SEC). In fact, Polymarket users have given a 58% chance that the SEC will approve a spot XRP ETF in 2025, further boosting XRP’s appeal.
Looking at XRP’s price chart, the coin has experienced three consecutive days of gains, even while other cryptocurrencies have seen declines. The ongoing rally is part of a bullish pennant formation, with the next major resistance level set at $2.9150. As XRP maintains its position above key moving averages, further bullish momentum seems likely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
