Ripple Moves $500 Million in XRP
- Ripple sells 200 million XRP for $500 million.
- Price correction puts XRP behind Tether (USDT).
- Stablecoin RLUSD could reach $2 trillion by 2028.
Ripple recently moved its December reserves totaling 200 million XRP, valued at $500 million, signaling significant selling pressure for the market. The token, which had taken the third position in market capitalization after an impressive rally, is now facing an aggressive correction and technical challenges, remaining behind Tether (USDT).
At the time of publication, the price of XRP was quoted at $2,41 with a drop of 0.6% in the last 24 hours.
Over the past week, XRP has seen a sharp decline, attributed to fading RLUSD-related rumors and worrying technical indicators such as the Relative Strength Index (RSI). The asset is currently struggling to sustain its value around $2, while its market cap stands at approximately $138,8 billion, slightly below USDT, which holds $139 billion.
On December 11, Ripple transferred all of the 200 million XRP earmarked for the month’s budget to intermediary addresses associated with the token sale. This move echoes patterns seen in previous months, in which large amounts of XRP were redistributed to accounts linked to the company.
Analyst Ali Charts recently highlighted on Twitter that XRP is displaying a “bull flag” pattern on the charts, but warned of a possible corrective move before a significant breakout. He stated: “TD Sequential recently displayed a sell signal on the 4-hour chart, which leads me to believe that XRP could see a brief correction before a break above $2,46, which could send the price to $4!”
$ Xrp appears to be forming a bull flag! Still, the TD Sequential recently presented a sell signal on the 4-hour chart, which leads me to believe #XRP may see a brief correction before a breakout above $2.46 that could send the price to $4! pic.twitter.com/L8zwMYT1Rb
— Ali (@ali_charts) December 12, 2024
Additionally, the approval of Ripple’s RLUSD by the New York Department of Financial Services (NYDFS) is emerging as a positive for the market. RLUSD is a dollar-backed stablecoin designed to compete directly with USDT and USDC. Ripple predicts that RLUSD will reach a market cap of $2 trillion by 2028, marking a significant expansion in the stablecoin market, currently valued at $192,8 billion.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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