The price of XRP has significantly increased, drawing attention in the cryptocurrency market. This rise is influenced by both technical factors and major partnership announcements.
XRP Price Surge
In the last 24 hours, XRP price has increased by more than 5% and by 16% over the past week. The cryptocurrency has breached resistance at $2.29 and broken out of a months-long falling wedge.
Ripple and BNY Mellon Partnership
Earlier this week, Ripple announced that BNY Mellon will be the official custodian for its new stablecoin, RLUSD. This partnership plays a crucial role in Ripple's enhanced real-world utility strategy.
Intensified Whale Activity
A recent transfer of 200 million XRP worth over $477 million was detected by Whale Alert. Such wallet movements may indicate accumulation or restructuring ahead of potential market moves.
The surge in XRP price, combined with the significant partnership announcement and whale activity, highlights shifts in the cryptocurrency landscape and demonstrates growing interest in the asset.
