XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	138,016,257,405	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

138,016,257,405

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.030	1.25%	2.43	2.43	2.43

Price Change

Price Change %

Current Price

Bid Price

Offer

0.030

1.25%

2.43

High Price	Low Price	Open Price	Prev. Close	52 Week Range
2.49	2.35	2.39	2.40	0.382490 - 2.90

High Price

Low Price

Open Price

Prev. Close

52 Week Range

2.49

2.35

2.39

2.40

0.382490 - 2.90

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:35:44	0.517386	2.43	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:35:44

0.517386

2.43

USD

Price x Volume	Volume	Base Symbol	Related Pairs
267,788,844.35	110,713,570.68	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

267,788,844.35

110,713,570.68

XRP Price Defies Bearish Crypto Trend, Rallies 6%: Key Drivers Revealed

11/12/2024 6:00pm

NEWSBTC

In a notable display of resilience amidst a broadly subdued crypto market, XRP has surged 6.7% in the last 24 hours. Following a dip to as low as $1.90 on December 10, the asset is once again trading above $2.36, defying the predominantly bearish sentiment that has taken hold of the altcoin sector. While most altcoins have posted losses or traded sideways over the same period, and Bitcoin has registered only a modest 0.7% gain, XRP’s recent outperformance stands out as a clear anomaly. So, why Is XRP outperforming the crypto market? #1 Imminent Launch Of Ripple’s Stablecoin RLUSD A key catalyst behind XRP’s rally appears to be the imminent launch of Ripple’s long-discussed stablecoin, RLUSD. Yesterday, Ripple CEO Brad Garlinghouse confirmed via X that RLUSD had secured a pivotal regulatory approval. He stated: “This just in…we have final approval from NYDFS for RLUSD! Exchange and partner listings will be live soon – and reminder: when RLUSD is live, you’ll hear it from Ripple first.” Related Reading: Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms RLUSD, currently in beta testing on both the Ethereum network and the XRP Ledger (XRPL), has sparked enthusiasm within the XRP community. Members speculate that the stablecoin’s introduction could catalyze increased liquidity and utility for XRP, and the anticipation may be contributing to a surge in speculative interest and so-called “FOMO” (fear of missing out). #2 Strong XRP On-Chain Activity On-chain analysis from Santiment points to encouraging metrics for XRP. The firm noted that “Mean Dollar Invested Age is flashing a bullish signal,” highlighting that younger coin age distributions often precede continued rallies. According to Santiment, the Mean Age of investment for XRP is 865 days (22% younger in 14 weeks). Thus, activity on the XRP network is increasing, with historically similar patterns not reversing until these key indicators start reversing. Related Reading: Weekly Bull Flag Appears On XRP Price Chart, Why A Double-Digit Is Still Feasible “This is one of the key indicators throughout the history of each coin’s lifespan that helps validate that a bull market can and should continue. The 2017 and 2021 bull markets similarly did not come to a halt until assets’ mean ages started going ‘up’ (getting older) again. Though short-term price volatility can continue to be expected, consider this a very valuable bode of confidence if you remain bullish on market prices in the mid and long term,” Santiment states. #3 Whales Buy The Dip Amid Bullish Technical Setup From a technical perspective, the XRP price structure remains extremely bullish on the higher time frames. On the daily chart, XRP managed to hold support above the April 2021 high at $1.96, rebounding swiftly towards the 1.272 Fibonacci extension level near $2.42, where it currently hovers. A sustained break above $2.42 could further reinforce the bullish narrative. Notably, whales recognized the chance and bought the retracement. Crypto analyst Ali Martinez noted via X: “In the recent dip, whales bought over 100 million XRP!” Featured image created with DALL.E, chart from TradingView.com

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