As today’s Federal Open Market Committee (FOMC) statement approaches, Ripple Labs-backed XRP is showing strong bullish momentum. This large-cap altcoin, valued at about $65 billion with a daily average trading volume of roughly $3 billion, has surged more than 8 percent in the past 24 hours, hitting a high of around $0.657.
This recent rally has allowed XRP to regain the sixth position by market cap, surpassing Circle-backed USDC. This shift is a notable change in the cryptocurrency rankings.
As XRP gradually decoupled from Bitcoin and the rest of the crypto industry, on-chain data shows large entities have accelerated their accumulation pace. According to on-chain data provided by Santiment, XRP Holders with a balance of more than 10k units rallied to a six-month high of about 279.4k accounts.
In the past five weeks, 2,389 XRPL accounts entered the shark category with more than 10k units in the balance.
Accounts holding more than 100,000 XRP units have also seen significant growth recently, reflecting increasing confidence in XRP among major holders.
The recent growth in XRP is largely due to Ripple Labs’ improved fundamentals in the Web3 sector. Ripple’s developers have enhanced the XRPL to attract more DeFi projects worldwide. For instance, Ripple has launched a native XRPL decentralized exchange (DEX), an automated market maker (AMM), and an Ethereum Virtual Machine (EVM)-compatible sidechain.
Ripple also plans to introduce its U.S. dollar-backed stablecoin, RLUSD, on both XRPL and Ethereum networks soon.
To ensure a smooth launch of RLUSD, Ripple is partnering with ClearBank, Zero Hash, and others. Additionally, the Ripple vs. SEC case may soon be resolved, potentially with a settlement, as the agency has dropped most investigations into crypto projects.
From a technical standpoint, XRP’s price is on track to test this year’s high of around 75 cents if it consistently closes above 66 cents in the coming weeks. The bullish outlook is supported by the weekly Relative Strength Index (RSI) breaking out of a downtrend. XRP has also consistently closed above the 50 and 200 daily moving averages recently.
In case of a broader crypto market downturn, XRP is expected to find solid support in the range between 54 cents and 50 cents.
Overall, XRP’s recent performance and strategic developments suggest a promising future as it continues to gain traction in the crypto market.
Also Read: XRP Price Holds Strong, Set to Breakout as Ripple vs SEC Lawsuit Nears End
XRP is on a roll – but is this just the beginning? Share your insights.
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