Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
Key Insights:
- Recent XRP news shows that Ripple Labs minted 20,000,000 RLUSD on Ethereum as XRP also moved higher.
- XRP Price climbed from around $1.00 toward $1.40 after a bullish divergence signal.
- XRP recorded a sharp move as whales reportedly bought 300 million XRP while $1.25 billion in shorts were liquidated.
The XRP news today focuses on Ripple Labs minting 20 million RLUSD stablecoins on Ethereum. It’s worth noting that the development also comes in tandem with a rebound in the broader crypto market, let alone the XRP price.
Ripple Mints 20,000,000 RLUSD As XRP News Gains Attention
Ripple Labs has minted 20,000,000 RLUSD on Ethereum, according to the <a href="https://x.com/RL_Tracker/status/2090768004745146681" rel="nofollow noopener" target=”_blank”>Ripple Stablecoin Tracker. The new mint comes as XRP Price has joined a wider market rebound, with the token moving sharply higher from around the $1 level.
The RLUSD mint adds another notable development to the latest XRP News, although the information shared does not state what the newly minted tokens will be used for. RLUSD is Ripple’s stablecoin, while XRP remains the native token of the XRP Ledger.
At the same time, market activity around XRP has picked up quickly. Crypto trader EGRAG Crypto pointed to a bullish divergence that had been forming on the XRP chart before the recent move. The setup showed price moving lower while the Relative Strength Index, or RSI, was making higher lows.
That pattern suggested that selling pressure was starting to weaken. XRP then reacted from the divergence area and moved from around $1.00 toward $1.40. The move has put XRP back in focus as traders watch whether the rebound can continue.
XRP Price Faces Key Levels After Sharp Rebound
The latest XRP Price move has also brought several levels into focus. An analyst on X, EGRAG Crypto, identified the $1.58 to $1.60 area as the next major resistance level for XRP.
A move beyond that range would put further attention on $1.96, which the analyst described as a macro confirmation level. Above $1.96, the Wave 3 idea would become stronger, according to the analysis shared.
The higher level is $3.00 to $3.60. This range was described as the Wave 1 high and a major breakout zone. EGRAG Crypto said a move above $3.60 would make the larger 20x macro view more significant.
However, the analyst also made clear that the current move is not enough to confirm a full Wave 3 yet. That leaves the next price levels important as XRP attempts to hold the gains from its recent rebound.
For XRP News watchers, the key question now is whether the token can move through resistance instead of losing the momentum behind the latest jump.
However, the crypto market can experience sharp and unexpected price fluctuations. Accordingly, the technical targets and price levels discussed in this article are speculative estimates based on available indicators and do not guarantee future results.
This content is not financial advice, and readers should exercise due diligence and seek professional guidance when appropriate.
Whale Buying And Liquidations Add To XRP News
The speed of the XRP move was also highlighted by analyst Xaif Crypto, who reported that XRP made a 41% intraday move. The token went from trading below $1 to reaching around $1.39 within hours, which CoinMarketCap data also confirmed.
The sharp rise came with heavy activity in the derivatives market. According to CoinGlass data, $1.25 billion in short positions were liquidated during the move. Short liquidations can add to a fast price rise because traders betting on lower prices are forced out as the market moves against them.
Notably, analyst Ali Martinez, citing Santiment data, reported that whales bought 300 million XRP. That figure adds another point of interest to the XRP price rebound.
Taken together, the latest XRP news shows several developments happening at once: Ripple Labs has minted 20,000,000 RLUSD on Ethereum, XRP price has rebounded strongly from around $1, and market activity has increased sharply.
Still, the next price levels will likely matter most for the direction of the move. XRP is now approaching the $1.58 to $1.60 resistance area, while $1.96 remains the next major level highlighted by the analysis.
Source: www.kucoin.com