{"id":10326,"date":"2024-09-30T07:46:41","date_gmt":"2024-09-30T07:46:41","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=10326"},"modified":"2024-09-30T07:46:41","modified_gmt":"2024-09-30T07:46:41","slug":"why-is-the-ripple-xrp-price-up-today-2","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=10326","title":{"rendered":"Why is the Ripple (XRP) Price Up Today?"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

XRP defied the market downturn, gaining 4% while most cryptocurrencies saw losses.
\nAnalysts are bullish on XRP, predicting a potential rally with targets up to $2.30.<\/p>\n

<\/a><\/span><\/h2>\n

Defying the Market Correction<\/h2>\n

After several days of charting substantial gains, the cryptocurrency market flashed red today (September 30). Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have registered mild losses, whereas Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced more severe plunges.<\/span><\/p>\n

However, Ripple\u2019s XRP did not follow the <\/span>overall<\/span> bearish landscape, spiking by 4% in the past day. It reached a local top of $0.66 (per CoinGecko\u2019s data) on September 29, while currently it trades at around $0.64.<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

One <\/span>important<\/span> element potentially driving its valuation up is the progress surrounding Ripple\u2019s upcoming stablecoin. Most recently, X user Vet <\/span>revealed<\/span><\/a> that 800,000 RLUSD tokens <\/span>were minted<\/span> on Ethereum and XRP Ledger (XRPL) in <\/span>the span of<\/span> 24 hours. The stash represents approximately 99% of the total supply.<\/span><\/p>\n

The total supply of RLUSD is 812,034 across ETH and XRPL.<\/p>\n

In the last ~24h in total 800k RLUSD got minted on Ethereum and #XRP<\/a> Ledger combined.<\/p>\n

99% of the total supply was minted in the last 24h.<\/p>\n

\u2014 Vet \u200d (@Vet_X0) September 29, 2024<\/a><\/p>\n

Earlier this year, Ripple\u2019s team announced<\/a> that the financial product will be pegged 1:1 to the US dollar. It is still in private beta testing, and the official launch is expected later in 2024.\u00a0<\/span><\/p>\n

Numerous analysts believe XRP\u2019s price will thrive once RLUSD sees the light of day. One example is X user Cobb, who <\/span>claimed<\/span><\/a> this will be among the many factors causing the token\u2019s price to go \u201cvertical.\u201d\u00a0<\/span><\/p>\n

What\u2019s Next?<\/span><\/h2>\n

Crypto X is full of market observers who think that XRP\u2019s latest resurgence could be the beginning of a massive rally. Captain Faibik recently <\/span>argued<\/span><\/a> that the asset broke a \u201csymmetrical triangle\u201d pattern to the upside after three months of consolidation. The trader predicted this could be a precursor of a surge to $2.30.<\/span><\/p>\n

WIZZ chipped in, too, envisioning<\/a> a \u201cturbo candle\u201d in the short term that could push XRP\u2019s price as high as $2. Those willing to explore additional bullish forecasts can check our detailed article here<\/a>.<\/span><\/p>\n

The post Why is the Ripple (XRP) Price Up Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP defied the market downturn, gaining 4% while most cryptocurrencies saw losses. Analysts are bullish on XRP, predicting a potential rally with targets up to $2.30. Defying the Market Correction After several days of charting substantial gains, the cryptocurrency market flashed red today (September 30). Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have […]<\/p>\n","protected":false},"author":0,"featured_media":6190,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10326"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10326"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/10326\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/6190"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10326"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10326"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10326"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}