Ripple whales are causing a ripple in the market, as they have bought over 830 million XRP coins in the past 24 hours. This has fetched the XRP’s price up an 8% rally that has caught the attention of investors and traders alike. This recent buying spree is very important as Ripple is set to launch its stablecoin, RLUSD, today. This development is giving the wider market hope that XRP can be stoked further. All signs point to a good future for Ripple, as whale activity increases and the RLUSD launch soon.
Market Sentiment Boosted by Ripple’s Announcements
Bitcoin and other coins are enjoying an uptrend on the broader cryptocurrency market as Bitcoin pushes new all-time highs and other coins are following suit. The American President, Donald Trump’s comments on digital currencies have also boosted Ripple as one of many digital assets to derive from this positive mood. What’s more, the Ripple SEC lawsuit is still alive and has a possible tipping point in January which has boosted confidence in investors. As the SEC case reaches a crescendo and SEC Chair Gary Gensler is poised to leave his position soon, ripple users can now look forward to a brighter future.
In the last 24 hours alone, the XRP whales have been on the move again and purchased a whopping 830 million XRP.
Ripple’s RLUSD Launch Sparks Optimism
The recent launching of RLUSD stablecoin by Ripple has brought renewed hope across the crypto world. With the stablecoin, developers and users on Ripple’s XRP Ledger (XRPL) are expected to enjoy numerous advantages as XRP emerges as a significant player in the digital assets market. David Schwartz, Ripple’s Chief Legal Officer, also welcomed the RLUSD launch stating that it could create a lot of value for developers and users who want to leverage the potential of the XRPL.
This new development comes as a boost to increase the application of XRP and increase its usage in the crypto market.
The price of XRP has also surged greatly in the past 24 hours, increasing by more than 8 percent to stand at $2.58. 
This surge comes at a time when trading volume also significantly rose by 114% to $14.11 billion. It is therefore clear that XRP is one strong coin, especially in the one month where the coin was able to amass a 141% gain. Furthermore, the available data from CoinGlass shows that XRP Futures Open Interest has increased by 13%, which points to the investors’ continued belief in the further price growth of the coin.
Bullish Forecasts for XRP Price
The outlook for XRP continues to improve and analysts are now predicting that the currency will soar in the future. Crypto enthusiast and analyst Dark Defender has shared his opinion that XRP may soon reach $9. If the XRP is to continue with the upward trend it needs to hold the $2.52 psychological level then the next level could be $2.72. After that, the price may jump to $5.85 and then move to $8.76.
