XRP has risen over 10% since Ripple launched the RLUSD stablecoin. XRP investors have posted nearly $1.5 billion in profits in the past 24 hours following recent price increases. XRP is struggling near the $2.58 resistance level as investors maintain the $4.75 target.
Ripple (XRP) rose 3% on Wednesday as investors saw significant profit-taking following the launch of the RLUSD stablecoin. Whales are absorbing selling pressure from profit-takers as XRP struggles near the $2.58 resistance level.
XRP investors realize $1.48 billion in profits after RLUSD launch
Ripple confirmed in an X post on Tuesday that its RLUSD stablecoin has gone live on exchanges including Uphold, MoonPay, Keyrock, Archax, Bitso, and CoinMENA.
Ripple USD (RLUSD) is currently available on exchanges worldwide.
An enterprise-grade stablecoin built for everyone, $RLUSD Combines the stability of fiat currencies with the efficiency of blockchain.
➡️ Instant global payments 24/7
➡️ Seamless on/off ramp
➡️ Access real world asset values. pic.twitter.com/lJ43GdoDGR
— Ripple (@Ripple) December 17, 2024
After Ripple first announced the launch of RLUSD on Monday, XRP started rising, gaining over 10% since the announcement.
Following the rally, XRP investors continued their profit-taking behavior, realizing profits of over $1.48 billion. This is the second highest daily realized profit recorded by XRP in 2024.
It is weathering the profit-taking selling activity as prices remain high in the face of such significant profit-taking buyers.
XRP Network Realized P&L | Santiment
However, it is important to note that consistent profit taking at a high level may indicate a high ceiling in the domestic market. This could explain why XRP has been consolidating since December 2nd.
The buying pressure that is keeping prices up must be coming from whales, as their holdings have increased by more than 800 million XRP (equivalent to about $2 billion) in the past two days, according to Santiment data. shown. The increase in whale holdings indicates that bullish sentiment still prevails in the market.
XRP whale supply distribution | Santiment
Despite the whales' bullish activity, XRP's weighted sentiment remains at low levels, indicating that the overall market does not have a bullish view on the price.
Ripple’s XRP is aiming for an all-time high of $4.75, but is struggling with resistance near $2.58.
According to data from Coinglass, XRP is up 3% after holding around $26 million in liquidations over the past 24 hours. The total amount of long positions liquidated was $12.74 million, and the amount of short positions liquidated was $13.22 million.
XRP continued to validate the flag pattern on Wednesday after testing a resistance level near $2.58. Transfer-based tokens have established the upper bound of the flag channel as a key support level.
XRP/USDT daily chart
If XRP manages to overcome the $2.58 and $2.92 resistance levels with a big move, it could break through the all-time resistance and rally to $4.75.
The Relative Strength Index (RSI) and Stochastic Oscillator are close to overbought territory, indicating that prices are overheating.
This hypothesis will be invalidated if the daily candlestick closes below the support level of $1.96.
