XRP Price Tanks Almost 7%, is it a Good Time to Buy?

The XRP price has failed to maintain the momentum ignited by the launch of the RLUSD stablecoin. On December 17, RLUSD debuted on reputable exchanges, making it available to a global audience.

The news sent XRP’s price on an upsurge, growing by over 10% to reach $2.7. At the time, the XRP community was filled with excitement as the $3 mark became the next target. However, this didn’t play out as XRP dropped significantly in less than 48 hours.

Amid the downtrend, XRP proponents and analysts are still very bullish on the coin’s prospect, forecasting unprecedented heights for 2025.

Their analysis and prediction are backed by several technical movements on the XRP chart, compared with historical trends, and backed by several factors including increasing whale accumulations.

Whales Amass XRP Amid Downtrend

Large investors, commonly known as whales, are seizing the opportunity to accumulate XRP at a reduced price.

According to recent data published by Santiment, whale wallets with between 100 million and 1 billion XRP have cumulatively increased their holdings by 860 million XRP, valued at more than $2 billion.

Besides this, previous reports from Whale Alert signify large movements of XRP from centralized exchanges to external wallets. Particularly, about 1.1 billion XRP was transferred from Binance to ‘unknown wallets’ within the last week.

Since Donald Trump’s overwhelming victory in the November 5 elections, the XRP market has witnessed impressive growth, surging from 5 cents to $2.9. At the time of writing, XRP is still up by 117% with a current price of $2.40 and a live market cap of $137 billion.

XRP Interest on the Rise, a Good Time to Invest?

XRP has gained renewed interest over the previous month. Several events and factors have bolstered its appeal among investors. The most recent is the official launch of the dollar-pegged stablecoin, RLUSD.

Ripple announced on Dec 17 that the coin is now available on notable exchanges including Uphold, Moonpay, Archax, and Bitso. Other exchanges expected to list the coin soon include Bitstamp, Bullish, and Mercado Bitcoin.

Notably, RLUSD will significantly increase XRP’s liquidity and improve Ripple’s cross-border payment solution.

Meanwhile, another factor that has increased the positive sentiment around the coin is the anticipated end to the Ripple vs SEC lawsuit.

SEC chair Gary Gensler would step down from office on January 20 and would be replaced by the more crypto-friendly figure, Paul Atkins.

Also, the alleged anti-crypto Caroline Crenshaw would not return as SEC commissioner after her re-nomination was canceled yesterday according to a report by Coinfomania.

These factors have created a positive cloud around the token with analysts projecting exciting targets in 2025.