In a notable development within the cryptocurrency market, XRP experienced a substantial rally of 4.9%, pushing its price to $2.35 during Tuesday’s trading session. This upward movement marks a significant breakthrough, surpassing the key resistance level of $2.30 with institutional trading volume nearly doubling. This surge stands out as the strongest daily gain for the digital asset in the past week, particularly as the broader market exhibited a downward trend.
The recent increase in institutional interest appears to be in play, as large holders have resumed accumulating XRP around the $2.30 mark following a period of price stabilization. The beginnings of a breakout were catalyzed by three consecutive hourly candles that surged past the resistance level, accompanied by rising volume that indicates strong conviction among market participants.
The positive sentiment was further bolstered by a collaborative initiative involving Ripple, Mastercard, WebBank, and Gemini. Together, they launched a pilot program utilizing a stablecoin known as RLUSD on the XRP Ledger, aimed at facilitating fiat credit card payments. This project stands out as one of the early tests conducted by a regulated U.S. bank to efficiently settle real-world card transactions using a public blockchain. The RLUSD, which recently surpassed $1 billion in circulation, operates under New York’s Trust Charter, establishing a regulated framework for transactions backed by stablecoins.
Traders are interpreting this pilot program as a significant validation of Ripple’s technological infrastructure, suggesting it has the potential to expand beyond just cross-border remittance solutions. This broadens the potential enterprise applications for XRP at a time when stablecoin settlements are gaining traction as a preferred method for on-chain banking operations.
In terms of price action, the breakout sequence was initiated after reclaiming the $2.30 level with a trading volume of 164 million. During the session, XRP reached a peak of $2.39 before experiencing light profit-taking. The new support base has now shifted to $2.32, effectively converting previous resistance into a solid foundation. Throughout the final hour of trading, momentum remained steady, with XRP oscillating between $2.34 and $2.35.
From a technical standpoint, the indicators suggest a bullish reversal, confirmed by a higher low formation and support levels newly established at $2.32 and $2.21. However, immediate resistance remains at $2.38 to $2.39, with an upside target eyeing the $2.50 to $2.60 range. The volume surged by 95% compared to the 24-hour average, signaling robust institutional belief in the asset’s performance. Currently, the Relative Strength Index (RSI) shows upward momentum without any exhaustion signals.
Looking ahead, traders are focused on a few key factors: the ability of XRP to maintain closing prices above $2.35 and convert the resistance at $2.38–$2.39 into support; the continuation of the positive narrative surrounding RLUSD-driven institutional involvement as Mastercard tests on-chain settlements; and the necessity of consistent trading volume following this breakout to validate sustained momentum. Should there be a decline in momentum, there exists a risk of a pullback towards the $2.30 level. Additionally, updates regarding ETF developments and regulatory changes expected in mid-November could further influence bullish market flows around XRP.
