XRP (XRP) Token Sees 5% Price Increase, Trading at $0.646 as of September 30, 2024

XRP, the native token of the Ripple network, has seen a significant price increase of 5% in the past 24 hours, trading at $0.646 as of September 30, 2024.

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XRP, the native token of the Ripple network, has seen a remarkable price performance lately, surging over 5% in the past 24 hours and continuing a broader recovery trend.

Priced at $0.646 on September 30, 2024, XRP has shown resilience amidst the market downturn, trading within a tight range between $0.5 and $0.6 since early September. However, a closer examination reveals a significant 14% gain in the past 30 days and a substantial climb from a low of $0.5027 on September 6.

As the third-highest gainer among the top-100 cryptocurrencies by market value over the last 24 hours, XRP has attracted attention from crypto analysts who are making bullish predictions and offering technical analyses.

One crypto YouTuber, known as Raajeev Anand, has pointed out bullish chart patterns in XRP that could lead to potential targets of $2, $4.2, or even $9.98.

Technical indicators are also supporting this bullish outlook. For instance, a glance at XRP's price chart reveals a bullish engulfing pattern on the 4-hour time frame, further strengthening the bullish case for XRP.

Meanwhile, XRP's price surge is also accompanied by a significant jump in its open interest (OI).

From September 7, the OI has risen substantially by about 67%, reaching $932.3 million on September 29 – a level last seen on April 12, 2024. This increase in OI, coupled with rising prices, often indicates a continuing trend in the market.

Furthermore, data from CoinGlass is revealing an increasing demand for leveraged long positions in XRP, which is evident from the rising perpetual futures funding rate.

The current 0.0113% eight-hour rate translates to a 0.23% cost over a seven-day period, suggesting bullish sentiment among futures traders.

In other related news, as the dust settles on the recent court ruling in the SEC vs. Ripple case, new developments are emerging.

Ripple, the company behind XRP, is ramping up its stablecoin development, with the latest minting activity being closely watched by analysts.

In the past 24 hours, Ripple has minted approximately 800,000 RLUSD tokens on both Ethereum and XRP Ledger networks. This minting activity accounts for 99% of the total RLUSD supply, leading analysts to speculate that Ripple’s planned stablecoin project may launch soon.

Back in April, Ripple first announced its stablecoin development, positioning it as a tool for instant cross-border money transfers and payment services. The project entered its testing phase in August 2024, with Ripple urging caution against potential scams during this period.

The project aims to integrate RLUSD with payment service providers and cryptocurrency exchanges to facilitate stablecoin usage in various applications.

Despite ongoing legal challenges with the SEC, including a recent court ruling that imposed a $125 million fine on Ripple and certain restrictions on securities offerings, the company appears determined to proceed with the launch of RLUSD.

Ripple anticipates regulatory approval from the SEC for its stablecoin project, which is expected to be a key focus area in the coming months.

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