XRP, 'Stirring' Towards $1.84... 34% Surge Signal ON Amid Dormant Whale Selling

▲ XRP/ChatGPT generated image

Although XRP fell by more than 2% on May 8, expectations for a short-term rebound are re-emerging in the market. As the RLUSD market capitalization exceeded $1.55 billion, BlackRock's mention of the potential use of stablecoins for payments has increased interest in the Ripple ecosystem.

According to CoinGape, a cryptocurrency specialized media outlet, XRP fell amid a general market downturn on that day. However, CoinGape analyzed that a symmetrical triangle pattern is forming on the XRP chart, and if the upper trendline is broken, a price surge of around 30% could occur. The article presented the growth of Ripple USD (RLUSD) stablecoin and the increasing interest in stablecoins from Wall Street as key backgrounds for the XRP bullish argument.

The RLUSD market capitalization has exceeded $1.55 billion. As of March 31, the RLUSD market capitalization was $1.24 billion, meaning it increased by $310 million in just seven weeks. CoinGape noted that the size of RLUSD rapidly expanded even when the price of XRP was not rising.

BlackRock's remarks regarding stablecoin payments also heightened market interest. BlackRock stated in an X (formerly Twitter) post that if regulations are properly established, stablecoins can be effectively utilized to improve payment systems. CoinGape reported that BlackRock, by mentioning the possibility of stablecoin payments, has joined the list of Wall Street institutions discussed alongside Ripple.

The trend of institutional ties surrounding Ripple also continues. CoinGape reported that JPMorgan plans to use the XRP Ledger for the tokenization of government bonds. It also stated that Ripple has partnered with South Korea's KBank to make blockchain payments easier.

In terms of technical trends, the symmetrical triangle pattern was presented as a key variable. CoinGape explained that while XRP appears to be stagnant on the surface, a symmetrical triangle is forming on the daily chart. However, it pointed out that this pattern itself does not immediately imply an uptrend.

For a bullish scenario to be valid, XRP must break above the upper trendline of the triangle. CoinGape analyzed that if this breakout occurs, it could be interpreted as bullish forces overcoming bearish forces, and XRP could rise to $1.84 through a 34% increase in the short term. Conversely, if XRP fails to hold the $1.35 support level indicated by the lower Bollinger Band, the pattern would turn bearish, and the price could fall by 34% to $0.91.

Indicators supporting the bullish case were also mentioned. CoinGape explained that the BB Trend is in the green zone, and there is a trend of whales not selling XRP. The fact that whale funds flowing into Binance are at their lowest level since 2022 was also presented as a sign of easing selling pressure. CoinGape stated that this trend could be the starting point for a 34% move towards $1.84, indicating that some buying pressure is forming.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*