Ripple investors book $1.5 billion in profits after RLUSD launch, XRP struggles near $2.58 resistance

• $XRP has risen over 10% since Ripple launched the $RLUSD stablecoin.
• $XRP investors booked nearly $1.5 billion in profits in the past 24 hours following its recent price rise.
• $XRP struggles near the $2.58 resistance as investors maintain the $4.75 target.

Ripple ($XRP) is up 3% on Wednesday after witnessing significant profit-taking among its investors following the launch of the $RLUSD stablecoin. Whales have soaked up the selling pressure from profit-takers as $XRP struggles near the $2.58 resistance level.

$XRP investors realized $1.48 billion in profits following $RLUSD launch

Ripple confirmed in an X post on Tuesday that its $RLUSD stablecoin has gone live across exchanges, including Uphold, MoonPay, Keyrock, Archax, Bitso and CoinMENA.

After Ripple's initial announcement of $RLUSD's launch on Monday, $XRP began rallying, rising over 10% since the announcement.

Following the rise, $XRP investors continued their profit-taking behavior, realizing over $1.48 billion in profits. This is the second-highest single-day realized profits $XRP has seen in 2024.

The sustained high prices in the face of such significant profit-taking show buyers have been weathering the selling activity from profit-takers.

$XRP Network Realized Profit/Loss" src="https://cnews24.ru/uploads/63d/63de2bcf2923f51dd58994866ea5ffbf68ccf59e.png" size="3840x1300">

$XRP Network Realized Profit/Loss | Santiment

However, it's important to note that consistent profit-taking at elevated levels could signal local market tops. This potentially explains why $XRP has been consolidating since December 2.

The buying pressure that has kept prices afloat must have come from whales, as Santiment data shows $XRP whale holdings increased by over 800 million $XRP, worth nearly $2 billion, in the past two days. The growing amount of whale holdings signals bullish sentiment is still dominant in the market.

$XRP Whale Supply Distribution" src="https://cnews24.ru/uploads/c7e/c7e3ee4d2a519a66615afabb3f98d845ca6c875c.png" size="3840x1300">

$XRP Whale Supply Distribution | Santiment

Despite the bullish whale activity, $XRP's Weighted Sentiment is at low levels, indicating the wider market doesn't hold a bullish view on its price.

Ripple's $XRP struggles near $2.58 resistance amid quest for new all-time high at $4.75

$XRP is up 3% after sustaining nearly $26 million in liquidations in the past 24 hours, per Coinglass data. The total amount of liquidated long positions accounted for $12.74 million, and short liquidations reached $13.22 million.

$XRP continued validating a flag pattern on Wednesday after testing the resistance level near $2.58. The remittance-based token has established the upper boundary of the flag channel as a key support level.

$XRP/$USDT daily chart" src="https://cnews24.ru/uploads/261/261fcb73a990a659c96f6a21b06bf1676b049101.png" size="1793x740">

$XRP/$USDT daily chart

If $XRP manages to overcome the resistance level at $2.58 and $2.92 with a high volume move, it could smash its all-time high resistance and rally to $4.75.

The Relative Strength Index (RSI) and Stochastic Oscillator are near their overbought regions, indicating prices are getting overheated.

A daily candlestick close below the support level at $1.96 will invalidate the thesis.