Why is the Ripple (XRP) Price Up Today?

TL;DR

• XRP defied the market downturn, gaining 4% while most cryptocurrencies saw losses.
• Analysts are bullish on XRP, predicting a potential rally with targets up to $2.30.

Defying the Market Correction

After several days of charting substantial gains, the cryptocurrency market flashed red today (September 30). Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have registered mild losses, whereas Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced more severe plunges.

However, Ripple’s XRP did not follow the overall bearish landscape, spiking by 4% in the past day. It reached a local top of $0.66 (per CoinGecko’s data) on September 29, while currently it trades at around $0.64.

One important element potentially driving its valuation up is the progress surrounding Ripple’s upcoming stablecoin. Most recently, X user Vet revealed that 800,000 RLUSD tokens were minted on Ethereum and XRP Ledger (XRPL) in the span of 24 hours. The stash represents approximately 99% of the total supply.

The total supply of RLUSD is 812,034 across ETH and XRPL.

In the last ~24h in total 800k RLUSD got minted on Ethereum and #XRP Ledger combined.

99% of the total supply was minted in the last 24h.

— Vet ‍☠️ (@Vet_X0) September 29, 2024

Earlier this year, Ripple’s team announced that the financial product will be pegged 1:1 to the US dollar. It is still in private beta testing, and the official launch is expected later in 2024. 

Numerous analysts believe XRP’s price will thrive once RLUSD sees the light of day. One example is X user Cobb, who claimed this will be among the many factors causing the token’s price to go “vertical.” 

What’s Next?

Crypto X is full of market observers who think that XRP’s latest resurgence could be the beginning of a massive rally. Captain Faibik recently argued that the asset broke a “symmetrical triangle” pattern to the upside after three months of consolidation. The trader predicted this could be a precursor of a surge to $2.30.

WIZZ chipped in, too, envisioning a “turbo candle” in the short term that could push XRP’s price as high as $2. Those willing to explore additional bullish forecasts can check our detailed article here.