XRP jumped as much as 19% in 24 hours on Aug. 20, touching $1.24, while Ripple minted another batch of its RLUSD stablecoin the same day. Separately, XRP whales kept adding to their holdings, and some analysts floated price targets as high as $15.
XRP climbed from a 24-hour low of about $1.03 to as high as $1.24, a move of roughly 20% from the session's bottom. The token was trading around $1.22 at the time of writing, up 18.8% over 24 hours, with a seven-day gain of 21.2% and a 30-day gain of 16.5%.
Ripple mints another RLUSD batch
Ripple minted 900,000 RLUSD in a transaction recorded on the XRP Ledger on Aug. 20, according to transaction data shown by XRPScan. The mint followed a string of larger transactions tracked by the Ripple Stablecoin Tracker, including a 20 million RLUSD mint at the treasury three hours earlier and two additional 10 million RLUSD mints about 11 hours before that.
The tracker also recorded a 12 million RLUSD mint roughly 19 hours ago and a 32 million RLUSD issuance about 23 hours ago. At the same time, RLUSD saw substantial burns: 15.4 million RLUSD burned at the treasury about an hour ago, following a 20 million RLUSD burn on Ethereum roughly three hours earlier. Taken together, the activity points to significant turnover in RLUSD supply rather than simple one-way expansion.
Whales keep buying as price targets multiply
Separately, CryptoPotato reported that XRP surged to $1.30, its first time at that level since June 1, after slipping below $1.00 the previous week for the first time in nearly two years. Citing Santiment Intelligence data, analyst Ali Martinez said whales acquired over 300 million XRP tokens since the start of the business week, with total whale holdings rising from about 16.05 billion tokens on Aug. 16 to approximately 16.36 billion.
Analyst Javon Marks suggested the token's next major run has started, outlining a macro target of $15 or higher. Another analyst, Dark Defender, said XRP had completed its correction, basing the view on the assumption that the asset had finished the leg down on all five Elliott waves on all timeframes.
Sources: U.Today, CryptoPotato
Trading involves risk.
Risk Disclaimer
