XRP Price Sees Rally Amid RLUSD Stablecoin Makes Global Debut

• The RLUSD stablecoin launch fueled an intraday XRP price surge of over 7%.
• The analyst predicted $4.40 in the next two weeks.

Ripple (XRP) gained traction and surged past $2.50 as RLUSD stablecoin is set to go live on Tuesday following regulatory approval. The token has experienced increased adoption and bullish sentiment among the participants.

Amid this, the XRP price saw a significant upswing in the recent sessions and grabbed significant bullish momentum. At press time, the XRP crypto price traded at $2.57. It noted an intraday rise of over 7.55%, and the market cap soared to $148.13 Billion.

According to a tweet by FinanceBro, prominent crypto exchange ‘Binance’ increased its holding in XRP to over 1.8 Billion. At the same time, Uphold also added 1.9 Billion XRP, and Bithumb followed suit with 1.3 Billion.

This significant activity sparked bullish optimism among the retail participants about the bullish conviction of large investors.

XRP Could Reach $4.40 in 14 Days: Analyst Weigh In

A recent tweet by CryptoGeek highlighted that the XRP price chart formed a bullish flag pattern. Going forward, the analyst expects a significant surge in the coming days.

The analyst further mentioned that the XRP crypto price could reach $2.90 within 12 hours. It will follow the suit and touch $3.20 in 72 hours and $4.40 in 14 days.

Furthermore, prominent crypto analyst Ali Martinez adds weight to the bullish thesis. He said that XRP crypto has been consolidating in the bullish flag region and was close to a breakout.

If XRP price surpasses the $2.60 hurdle, a rally toward $3 followed by $4.20 can be anticipated shortly.

XRP Price Prediction: Key Indicators Explained

The XRP crypto traded inside a flag pattern, which revealed a bullish chart structure. A bull flag consists of two rallies separated by a brief period of consolidation.

As seen in the last four sessions, XRP price escaped the consolidation phase and triggered a rise. It reflected that XRP could be set for a sustained rally.

Amid this bullish setup, XRP’s active addresses have surged more than 1.09% to 52.54k in the last 24 hours. That represented a rise in investor confidence in the network.

Over the past 24 hours, exchange inflows surged over 0.04% to 453.29 Million. Notably, a surge in inflows means investors sell their tokens for potential profits. This could lead to a significant decline in the near term as a significant amount of cryptocurrency is deposited into exchanges.

Moreover, XRP’s Chaikin Money Flow (CMF) was in an uptrend and currently rests above the zero line at 0.29. This signified the rise in capital inflows into the market. Also, the Relative Strength Index (RSI) line spiked vertically toward the overbought zone, confirming the bullish case.

Futures Market Data Outlook

According to Coinglass’ data, the token’s funding rate across crypto exchanges has been primarily positive since last month.

The uptick in XRP’s price in the last few weeks has led to a rise in demand for long positions. The funding rate evidenced that. This signaled a shift in the market sentiment from bearish to bullish.

The immediate support zones for the XRP price were $2.30 and $2. At the same time, the upside hurdles were $2.70 and $3.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.