XRP news today: XRP Surges 6.2% as Ripple's RLUSD Adoption Boosts Market Sentiment

XRP has recently experienced a significant price increase, rising by 6.2% over the past week. This surge has pushed the price of the token to $2.3, a level not seen in approximately a month. The improvement in market sentiment, as indicated by the Fear and Greed Index recovering from a record low of 15 to 52, has contributed to this bullish outlook for crypto assets, including XRP. This positive sentiment has led to multiple bullish breakouts above key moving averages.

Ripple, the company behind XRP, has taken a significant step by announcing that investors and traders can now borrow Ripple USD (RLUSD), its new stablecoin, through the AAVE protocol. This move is aimed at increasing the adoption of RLUSD and achieving Ripple's mission of becoming a leading decentralized payments platform. The market cap of RLUSD has expanded from around $60 million in early March to nearly $300 million, reflecting a 400% increase in just two months. Higher demand for RLUSD translates to increased transaction volumes within the Ripple network and higher demand for XRP, the blockchain utility token.

The price action for XRP has recently shown that its latest Elliott Wave has been completed. The hourly chart indicates that the price has entered a consolidation phase, awaiting further liquidity to trigger the next move. Two scenarios emerge based on the latest Elliott Wave levels: a bullish scenario and a bearish scenario. In the bullish scenario, the price could break above the 5 wave at $2.2350, triggering a new Elliott wave that could propel XRP to $2.5 in the near term. A brief pullback toward the $2.23 level would be expected following this bullish breakout. After the first breakout, the price could retrace to the $2.3 resistance (now support) and then move to the $2.4 – $2.5 level as the first plausible target.

In the bearish scenario, XRP could drop below the $2.12 support and fall to around $2.03 – $2.06 in the near term. However, the current market structure is bullish, with the price action on an uptrend, making the bullish scenario more likely. Momentum indicators have cooled in recent hours as the market enters a consolidation phase, with the upcoming U.S. session likely to inject the liquidity needed for a breakout in either direction. While traders await the next major move, other top crypto presales like SUBBD are gaining traction, attracting fresh capital as overall sentiment shows signs of recovery.