XRP’s price rallied to $2.60, reaching an eight-week peak as institutional accumulation, ecosystem development, and broader crypto market momentum converged. The asset’s market capitalization surpassed $150 billion for the first time since May, signaling renewed investor confidence.
The growth of Ripple-backed stablecoin RLUSD proved instrumental, with its market capitalization exceeding $500 million. Custodied by BNY Mellon, RLUSD’s expansion bolsters utility within XRP’s ecosystem. Concurrently, Bitcoin’s record-breaking rally elevated risk appetite across cryptocurrency markets, creating favorable conditions for altcoins including XRP.
Technical indicators reveal XRP broke through critical resistance levels at $2.227 and $2.365, establishing robust support near $2.54. Sustained institutional accumulation and positive market sentiment suggest potential upward continuation, with analysts eyeing near-term targets around $2.70.