XRP News Update: XRP Price Retraces Amid Crypto Correction

As the cryptocurrency market experiences a correction due to changes in US monetary policy, XRP, backed by Ripple Labs, has seen a 5% retracement in the past 24 hours, trading at around $2.36. Despite this dip, XRP has been consolidating for the past two weeks, with a fully diluted valuation of approximately $235 billion and a 24-hour trading volume of $20 billion.

The recent breakout of XRP from a six-year triangular consolidation signals the beginning of a macro bull run, following the pro-crypto stance of US leaders like Donald Trump. Additionally, the XRP/BTC pair has bounced back from a key support level, reflecting the growing interest of institutional investors in altcoins.

XRP Whales Increase Holdings

According to on-chain data from Santiment, XRP whale investors holding between 100 million and 1 billion tokens have acquired over 860 million XRP coins this week, valued at more than $2 billion. These large investors continue to accumulate XRP amidst the current bullish trend.

Betting on Strong Fundamentals

With the support of Ripple and its solid business strategies, XRP has regained momentum in the market. The ongoing legal battle between Ripple and the SEC is expected to be resolved favorably under the new Trump administration.

Ripple Labs recently introduced RLUSD, a fiat-backed stablecoin, which has garnered significant support from centralized exchanges and DeFi platforms. The launch of RLUSD is set to enhance XRP’s liquidity and improve cross-border payments.

Midterm Price Target

Technically, the XRP price has broken out of a bullish pennant flag pattern in the daily timeframe. With a potential inverted head and shoulders pattern, XRP is expected to rise towards its all-time high above $3.4 in the near future.

However, a sustained drop below $2 could negate the bullish outlook and prolong the current market correction.