XRP is experiencing a breakout rally, nearing the $3 mark. The cryptocurrency’s surge has investors questioning if a new all-time high, surpassing its previous record of $3.40 (recorded Jan. 6, 2018), is within reach.
The native token of Ripple, XRP, has experienced a whale-driven rally, resulting in a nearly 30% increase over the past week. At the time of publication, the cryptocurrency was trading at $2.93, a 10.9% increase in 24 hours.
Improved whale activity and increasing ETF optimism are the primary factors driving the market momentum of the third-largest crypto by market cap, suggesting potential future gains.
According to Bloomberg, 2,743 addresses now hold at least one million tokens in XRP whale wallets, reaching a new all-time peak. The whale count and total holdings of these wallets are on the rise, with a current control of 47.32 billion XRP tokens.
According to Santiment, the rally is accompanied by “a substantial increase in network growth (new wallets created) and a rise in retail interest across social media.”
XRP Rally: RLUSD Stablecoin Momentum, Cross-Border Settlement Integrations, and Increased Institutional Interest
XRP touched its greatest level since March on Monday, with a gain of over 5% in the past 24 hours. The token has consistently maintained a consistent upward trajectory on a daily basis, reaching nearly $3 before stabilizing at approximately $2.80.
Ripple disclosed on July 12 that its RLUSD stablecoin is revolutionizing global remittances by providing more transparent, quicker, and cost-effective payments. Institutions’ pursuit of efficient alternatives fuels the RLUSD momentum.
For instance, AMINA Bank, a Swiss financial institution with a FINMA license, recently integrated RLUSD to offer trading and custody services.
In addition, Ripple is in the process of obtaining a US banking license from the US Office of the Comptroller of the Currency (OCC). The action suggests its intention to expand crypto-related services and subject RLUSD to federal supervision.
Long-Term Bullish Potential of XRP Signals
A rare three-candle formation on the monthly chart is one of the compelling catalysts behind the latest XRP price momentum, according to market analyst EGRAG Crypto.
The analyst initially recognized the pattern in November 2023, observing that it would precede a significant price increase.
Consolidation phases and explosive gains have historically followed the three-candle monthly formation.
Additionally, Edoardo Farina, an educator for XRP, stated that it would not be unexpected for the token to surpass $4 this week.
Ripple Labs has collaborated with prestigious institutions, such as BNY Mellon, to provide custody services for RLUSD on the institutional front. The heightened institutional support has further inflated the price of its native token.