XRP Price Pumps 94% in a Week as Ripple Burns 53M RLUSD – Is $5 the Next Reach?

Highlights:

• XRP price has pumped 9% today to trade at $1.14, flipping Dogecoin by market cap.
• Ripple recently burned approximately 53 million RLUSD in a series of transactions across two blockchain platforms: XRP Ledger and Ethereum.
• Bullish momentum builds in the market, as XRP bulls target $5.

The XRP price has surged 9% today to trade at $1.14, overtaking Dogecoin and becoming the sixth-largest cryptocurrency by market cap. Despite the surge, its daily trading volume has plummeted 53% to $10.45 billion, suggesting a recent fall in market activity. However, XRP price is up 94% in a week, 109% in a month, and a whopping 88% in a year. 

On November 17, Ripple burned approximately 53 million RLUSD in a series of transactions across two blockchain platforms: XRP Ledger and Ethereum. Further, Ripple’s stablecoin will be launched on two blockchains: XRPL and Ethereum. The first batch of RLUSD worth 40.17 million was burned on the XRPL base, while the other one worth 14 million was burned in Ethereum.

🔥🔥🔥🔥🔥🔥🔥🔥🔥 14,001,103 #RLUSD burned at RLUSD Treasury.https://t.co/g7jUCPZCa2

— Ripple Stablecoin Tracker (@RL_Tracker) November 17, 2024

The stablecoin segment of the crypto market has been stunned by collapses, making it a risky place to operate. However, Ripple has put an emphasis on transparency, confirming that BPM, an independent accounting firm based in San Francisco, will conduct monthly certifications of its reserves.

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $1.14
• Trading volume (24h) – $10.45 billion
• Market cap – $65.14 billion
• Total supply – 99.99 billion
• Circulating supply – 56.93 billion
• XRP ranking – #6

XRP Soars as Technical Indicators Flash Bullish

The sleeping giant XRP has woken up and is making waves, trading above $1.00 and eyeing $1.50 and beyond. XRP broke past the $0.880 resistance and is now trading well above the $1.00 support zone as bulls show no signs of stopping soon. The bulls target the $1.1380 resistance, with potential surges to $1.50, or even $2.

Meanwhile, the Golden Cross in the market reinforces the bullish momentum, suggesting a long-term bullish outlook that could potentially see the XRP price hit $5 in the near term. Moreover, the bulls have flipped the key bullish indicators (50-day and 200-day SMAs) into support zones, steadying the upward momentum.

However, despite the bullish outlook, traders should be cautious of a potential pullback as profiteering may begin. Investors who bought XRP at lower levels may want to book profits if the uptrend weakens and a correction begins.

This is evident as the Relative Strength Index (RSI) cautions traders of a potential correction. After climbing from support at the mid-line (50), the RSI jumped into the overbought area, currently at 85.76. Traders won’t have to worry about sudden pullbacks with the RSI above 70, as this position also means a correction is imminent.

The Moving Average Convergence Divergence (MACD) indicator upholds the bullish picture, with a buy signal. This call for traders to consider buying XRP manifested with the MACD line in blue crossing above the orange signal line. 

XRP Price Outlook: Will The Bulls Maintain the Pace?

Based on the daily chart outlook, the bulls have dispersed the seller congestion in the XRP market, entirely taking the reigns. However, it is prudent for traders to be cautious as a retracement is likely in the market.

If the XRP price fails to hold above the $1.00 support level, it might lead to corrections toward $0.93 or $0.88. On the other hand, if XRP clears $1.13, the rally could accelerate further potentially reaching $2. In a highly bullish case, the XRP price could reach a new ATH at $5.