Why is Ripple (XRP) price going up today?

TL;DR

XRP defied the market drop, gaining 4% while most cryptocurrencies saw losses. Analysts are bullish on XRP, predicting a potential rally with targets as high as $2.30. Defying the market correction

After several days of charting substantial gains, the cryptocurrency market was in the red today (September 30). Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) have seen slight losses, while Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced more severe declines.

However, Ripple’s XRP did not follow the overall bearish picture, rising 4% in the last day. It reached a local high of $0.66 (according to CoinGecko data) on September 29, while it is currently trading around $0.64.

XRP Price, Source: CoinGecko

One major element that can drive its valuation is the progress surrounding Ripple’s next stablecoin. More recently, user X Vet revealed that 800,000 RLUSD tokens were minted on Ethereum and XRP Ledger (XRPL) in a 24-hour period. Storage accounts for approximately 99% of total supply.

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

In the last 24 hours, a total of 800k RLUSD was minted on Ethereum and #XRP combined book

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

— Vet ‍☠️ (@Vet_X0) September 29, 2024

Earlier this year, the Ripple 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 release is expected later in 2024.

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

what’s next

Crypto X is full of market watchers who think XRP’s latest resurgence could be the start of a massive rally. Captain Faibik recently argued that the asset broke an upward “symmetric triangle” pattern after three months of consolidation. The trader predicted that this could be a precursor to a rise to $2.30.

WIZZ also weighed in, envisioning a short-term “turbo candle” that could push XRP’s price up to $2. Those who want to explore additional bullish forecasts can check out our detailed article here.

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