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

▲ XRP (XRP)/ChatGPT generated image

Although XRP (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 cap surpassed $1.55 billion, BlackRock's mention of the potential use of stablecoins for payments has heightened interest in the Ripple ecosystem.

According to the cryptocurrency specialized media outlet Coingape, XRP fell amidst the overall bearish trend in the cryptocurrency market that day. However, Coingape analyzed that a symmetrical triangle pattern is forming on the XRP chart, and a breakout above the upper trendline could lead to a rise of around 30%. The article cited the growth of the Ripple USD (RLUSD) stablecoin and Wall Street's increasing interest in stablecoins as key backgrounds for the bullish case for XRP.

The RLUSD market cap has surpassed $1.55 billion. As of March 31, the RLUSD market cap was $1.24 billion, and it increased by $310 million in just seven weeks. Coingape noted that the RLUSD volume expanded rapidly even as the XRP price did not rise.

BlackRock's statements regarding stablecoin payments also fueled market interest. BlackRock stated in an X (formerly Twitter) post that if regulations are properly established, stablecoins could 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 in connection with Ripple.

Institutional linkages surrounding Ripple are also continuing. 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 stagnant on the surface, a symmetrical triangle is forming on the daily chart. However, it pointed out that this pattern itself does not immediately signify 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 maintain the $1.35 support level indicated by the lower Bollinger Band, the pattern would turn bearish, and the price could drop 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. The content should be interpreted for informational purposes only.*