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Why Is XRP Price Rising Today?
The XRP price has surged significantly today, and the crypto has again flipped Tether’s USDT to become the third largest by market cap. This price surge is thanks to fundamentals such as Ripple’s RLUSD launch, which provides a bullish outlook for XRP.
Why The XRP Price Is Up Today
The XRP price has surged over 10% in the last 24 hours thanks to bullish fundamentals such as the RLUSD launch. As CoinGape reported, the RLUSD stablecoin went live today, sparking a bullish sentiment in the XRP ecosystem.
This stablecoin launch presents a bullish outlook for XRP, considering the amount of liquidity it will inject into the coin’s ecosystem. In an X post, crypto analyst Egrag Crypto highlighted how bullish the RLUSD launch is.
The analyst noted that the total market cap for stablecoins is still hovering around $200 billion. According to him, this signifies immense growth potential, of which XRP could become a major player in its ties to the stablecoin.
Amid this XRP price surge, thanks to the RLUSD launch, crypto analysts have provided a bullish outlook for the crypto. Veteran trader Peter Brandt said that XRP appears to be resolving a half-mast flag. If so, the trader added that the distance to the upside should equal advance into the tip of the flag.
Meanwhile, crypto analyst MikyBULL Crypto stated that the XRP chart is so clean and bullish that it can easily trade above $5 in 2025. A rally to that price level would mark a new all-time high (ATH) for XRP.
Wave 3 Impulsive Move To The Upside Is Heating Up
Crypto analyst CasiTrades stated that the Wave 3 impulsive move is heating up. This came as the analyst revealed that there has been some confirmation of this upward trend as XRP has broken through multiple local resistances, with volume and Relative Strength Index (RSI) at “extremely high levels.”
CasiTrades added that there is still plenty of room to go as this Wave 3 hasn’t reached its final target yet. According to her, this Wave 3 is the largest wave of the cycle, breaking its own 5 waves. The standard XRP target is the 1.618 extension, but it could often extend further, reaching 2.618, 3.618, 4.618, or beyond.
The crypto analyst highlighted the key levels to watch for this Wave 3 based on the Fibonacci extension levels. The 1.618 Fib puts the XRP price at $3.23, while 2.618, 3.618, and 4.618 puts XRP at $3.81, $4.40, and $4.98, respectively.
As the analyst noted, these price levels will test XRP’s ATH at $3.80. However, the “big moment” comes when the ATH is not just broken but becomes a strong support level. If XRP quickly flips its ATH into support, CasiTrades predicts that the crypto could see the “explosive move” market participants have anticipated for a while now.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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