Bittime - Ripple launched a new stablecoin called Stablecoin RLUSD, and it is already available on various global crypto exchanges.
The launch of the RLUSD stablecoin has caught the attention of XRP whales . Read this article to find out more!
XRP Whale Buys 30 Million XRP
Not only the RLUSD stablecoin that stole the attention, the massive buying activity by the XRP whale was also in the spotlight.
Ahead of the launch of the RLUSD stablecoin, XRP whales purchased an additional 30 million XRP, boosting the token’s price by 6% on Monday, peaking at $2.71 before correcting to $2.52.
According to crypto analyst Ali Martinez, XRP whale activity is often a positive indicator for the market. Large purchases are usually followed by significant price increases.
Also Read: Ripple Officially Launches RLUSD: Here's How It Impacts XRP
XRP Whale: RLUSD Stablecoin Becomes New Opportunity
The launch of the RLUSD stablecoin is a new opportunity for the Ripple ecosystem. This stablecoin is expected to attract new transaction volumes, and strengthen Ripple's position in the global crypto market.
Data shows that XRP whale interest has increased in recent days, with the price of this token increasing by 7.3% in the last 7 days.
Analysts believe that the RLUSD stablecoin could be a catalyst for XRP to reach new price levels. The short-term target is to break through the resistance at $2.93.
If successful, the price of XRP could rise to $4.39. In fact, some analysts are optimistic that XRP could potentially reach $11 in the coming months if demand continues to increase.
Also Read: 4 Key Themes of Ripple's Annual Swell Conference
XRP Whale Support
XRP whale activity not only increases the price, but also gives confidence to the crypto community.
Reports show that during this uptrend, as much as 830 million XRP have been purchased by XRP whales.
Technical indicators such as the 10-day moving average at $2,414 and the RSI at 65.33 show strong momentum, with no indication of overbought conditions.
If XRP manages to break through key resistance levels, the path to higher price targets will become clearer. The launch of the RLUSD stablecoin also adds value to XRP by bringing new liquidity to the market.
Also Read: Meme Coin XRP Ledger Strengthens: ARMY, BEAR, and MAG
XRP FAQs
What is XRP and What is its Use?
XRP is a digital asset created by Ripple Labs and designed to facilitate cross-border payments. XRP’s blockchain technology enables transactions in just a few seconds with very low fees, making it ideal for international money transfers and micropayments.
What is the Difference Between XRP and Other Cryptocurrencies Like Bitcoin?
XRP supports cross-border payment systems with a focus on speed and cost efficiency, unlike Bitcoin which functions more as a store of value and investment tool. In addition, XRP uses a consensus mechanism that does not require mining, making it more energy efficient.
How to Buy XRP?
XRP can be purchased through various exchange platforms such as Bittime, by visiting the trade page on the official Bittime website.
How to Buy Crypto on Bittime
Want to trade and buy Bitcoin and invest in crypto easily? Bittime is ready to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures that every transaction is safe and fast.
Start by registering and verifying your identity, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check BTC to IDR , ETH to IDR , SOL to IDR and other crypto assets rates to find out today's crypto market trends in real-time on Bittime.
Also, visit Bittime Blog for interesting updates and educational information about the crypto world. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the crypto world.
Reference
Ronaldo Marquez, Whales Snap Up 30 Million XRP As Ripple Launches Its RLUSD Stablecoin, accessed December 19, 2024.
Cryptopolitan, XRP Launches RLUSD: How It Has Impacted and Will Shape XRP's Price, accessed December 19, 2024.
Tomiwabold Olajide, Ripple CEO Reacts as RLUSD Launch Date Revealed, accessed December 19, 2024.
Author: IPR
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