XRP Price Reaches $1,000 in Puzzling Exchange Transaction – What’s Going On?

Over the past 24 hours, the XRP price has held steady after some slight fluctuations, up 0.08%.

Meanwhile, a transaction placing XRP at a valuation of $1,000 per coin has left investors stumped.

This lacklustre price action continues from last Friday, with XRP up a mere 0.25%.

Although it has made some progress, it has markedly underperformed compared to the rapid growth seen in other notable altcoins over the same period.

Despite this largely negligible price action, more eyes are on XRP. The altcoin’s trading volume has surged by 19.03% to $1.236 billion over the past 24 hours.

Will the Transaction Push XRP to $1,000?

The September 26th transaction set an RLUSD rate that would place XRP at around $1,000 a piece, according to XRPscan.

This coveted valuation sent traders into a frenzy, speculating that Ripple’s stablecoin would propel XRP to $1,000.

However, this quickly proved unfounded as the transaction was revealed to be a decentralized exchange (DEX) offer.

Pseudonymous XRP Validator Val provided commentary on X, clarifying that the transaction was “just a DEX offer. Anyone can offer those, and no one in their right mind would sell 6,000 RLUSD for 6 XRP.”

In DEXs, users can place a limit order specifying the price at which they are willing to buy or sell a particular cryptocurrency in a peer-to-peer transaction.

Such trades do not reflect the actual value of the cryptocurrency. “RLUSD will not put XRP at $1,000, folks,” Val Summarised.

XRP Price is Not Going to $1,000, But How Far Can It Go?

While disappointing, this is not to discredit the stablecoin’s potential to push the XRP price.

RLUSD won’t boost XRP directly, but it will help bring users into the wider Ripple ecosystem, which could have long-term advantages for the coin’s price.

A factor that factor that contributes to an increasingly bullish outlook for XRP, in favour of an upward breakout from the 4-year symmetrical triangle pattern.

Most significantly, it seems that XRP has found comfort in its new bullish lean, as its Relative Strength Index (RSI) remains firm in its position above the neutral line, currently at 55.

Although this is neutral, it exhibits a strong bias towards buying pressure.

This sentiment is mirrored by the Chaikin Money Flow (CMF), which is gradually moving away from negative territory week on week. It is now at -0.057, just half of what it was at the start of the month.

Meanwhile, as the MACD line reaffirms a comfortable lead above the Signal line, it seems that bulls are in control, making a breakout in the near term credible.

For the XRP price to continue its upward trajectory, it must break the $0.60 level and reclaim the 200 SMA as support.

A clean break above these levels would signal the potential for a larger rally and a shift in market sentiment.

The extent of such a move could trigger a 225% rally in the coming months, reclaiming the past high of $1.97.

However, with fundamental catalysts stacking up in favour of an altseason, the potential for even further growth is considerable.

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