XRP Nears $3 Amid Breakout Rally – Is a New All-Time High Within Reach?

XRP, the native token of Ripple, has witnessed a whale-driven rally, surging nearly 30% over the past week. The crypto jumped 10.9% in 24 hours, trading at $2.93 at press time.

The market momentum of the third-largest crypto by market cap is driven by improved whale activity, growing ETF optimism, indicating potential future gains.

As reported by Cryptonews, XRP whale wallets holding at least 1 million tokens hit a new all‑time high of 2,743 addresses. These wallets now control 47.32 billion XRP tokens, with an increasing whale count and total holdings.

Santiment reported that the rally coincides with “a major increase in network growth (new wallets created) & rise in retail interest across social media.”

XRP Rally: RLUSD Stablecoin Momentum, Cross-Border Settlement Integrations, Increase Institutional Interest

On Monday, the XRP has seen over 5% gain in the past 24 hours, touching its new highest level since March. From a daily perspective, the token has maintained a well-established uptrend, climbing to nearly $3, before stabilizing near $2.80.

On July 12, Ripple shared that its RLUSD stablecoin is reshaping global remittances by offering cheaper, faster and more transparent payments. The RLUSD momentum is driven by banks seeking efficient alternatives.

For instance, Switzerland’s FINMA-licensed AMINA Bank recently integrated RLUSD to offer custody and trading services.

Further, Ripple is also seeking US banking license from the U.S. Office of the Comptroller of the Currency (OCC). The move indicates its intention to bring RLUSD under federal supervision and expand crypto-related services.

Ripple Signals Long-Term Bullish Potential

According to market analyst EGRAG Crypto, one of the compelling catalysts behind the latest XRP price momentum is a rare three-candle formation on the monthly chart. The analyst initially identified the pattern in November 2023, noting that it would precede a dramatic price rally.

The three-candle monthly formation has historically been followed by consolidation phases and explosive gains.

Besides, XRP educator Edoardo Farina said that the token reaching above $4 this week, wouldn’t be surprising.

On the institutional front, Ripple Labs has partnered with notable institutions, including BNY Mellon, to offer custody services for RLUSD. Increased institutional support has further fueled its native token’s price.

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