- XRP bullish outlook supported by RLUSD adoption in Japan and on-chain activity
- Egrag Crypto flags $3 support and golden cross as key midterm bullish signals
- Whale demand surges after Ripple vs SEC closure with $1B CME XRP futures volume
Crypto analyst Egrag Crypto outlined why XRP remains bullish despite macroeconomic uncertainty. He pointed to the global adoption of Ripple Labs’ products, led by Ripple USD (RLUSD), as a key driver for XRP in the near term.
Notably, the wider crypto market has been trapped in a midterm correction amid geopolitical instability between major economies, but Egrag argued XRP’s fundamentals separate it from broader weakness.
Ripple USD Gains Momentum in Japan With SBI Group
In a recent X post, Egrag Crypto highlighted the adoption of Ripple USD (RLUSD) in Japan as a key bullish driver for XRP. Notably, Ripple Labs and SBI Group signed a memorandum of understanding to enable the distribution of RLUSD in Japan.
Japan’s supportive regulatory framework and SBI Group’s deep presence in the sector give RLUSD a strong foundation to scale. Crucially, adoption of RLUSD boosts demand for XRP, which is required for RLUSD transaction fees.
Rising RLUSD activity also increases XRPL on-chain transactions and XRP burns, reducing circulating supply.
Related: XRP Will Trade for $7 to Match Elon Musk’s Net Worth – Analysts
Midterm Expectations for XRP Price
Egrag told XRP holders that maintaining support around $3 is critical for regaining bullish momentum. He also flagged a potential golden cross between the 21-day and 100-day SMAs as a major bullish signal.
On the daily timeframe, XRP has been consolidating within a descending triangle, with support around $2.75. A consistent close above the falling logarithmic trend, in place since XRP’s mid-July all-time high, would confirm the next bull rally.
Whale Demand and Regulatory Clarity Add Support
Regulatory Clarity in Major Jurisdictions
The demand for XRP by whales has surged year to date fueled by regulatory clarity in the United States. The recent official closure of the Ripple vs SEC lawsuit has sparked a renewed demand for XRP, especially by whale institutional investors.
For instance, CME Group announced that its crypto futures contracts have surpassed $30 billion fueled by XRP, which crossed $1 billion in just over three months. Additionally, several companies – led by VivoPower International, Trident Digital Tech Holdings, and Webus International – have been raising funds to implement XRP treasuries.
Ripple’s Strategic Partnership Around the World
Ripple Labs has inked strategic partnerships to enable its global market expansions. For instance, Ripple Labs announced on Tuesday that it is expanding its partnership with BBVA to enhance institutional-grade crypto adoption in Spain.
Related: Ripple Cements European Foothold With Major BBVA Spain Deal
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Source: https://coinedition.com/xrp-bullish-outlook-ripple-usd-rlusd/