The price of XRP continued to rise, reaching its highest level in over a month as the cryptocurrency rebounded.

ripple (XRP) to $2.60, continuing the recovery that began on December 30 when it bottomed at the psychologically important level of $2.

One of the catalysts for XRP's rise is the gradual growth of Ripple's US dollar stablecoin (RLUSD), which has now attracted more than $72 million in assets.

according to Queen GekkoThere are signs that use of RLUSD is on the rise, with 24-hour trading volume reaching $162 million. This volume makes RLUSD the sixth most widely used stablecoin in the cryptocurrency market.

RLUSD has overtaken other popular stablecoins, including Justin Sun's USDD, Frax, and PayPal's PYUSD. Notably, PYUSD, which has a market capitalization of $534 million, recorded a 24-hour trading volume of just $22 million.

However, RLUSD faces stiff competition from major stablecoins such as Tether (USDT) and USD Coin, which had 24-hour trading volumes of $74 billion and $6.7 billion, respectively.

The rise in XRP coincided with a rise in investor demand for it Ripple coins meme. Among the best performing coins this week were newly launched cryptocurrencies such as Pongo, XRP Army, PHNIX, and Britto.

The growth of RLUSD and the performance of the Ripple meme coins have helped boost the utility of the Ripple network, which has been criticized in the past as “Ghost series".

The price of XRP may continue to rise in the coming days as the inauguration of Donald Trump approaches. Cryptocurrency investors see Ripple as one of the biggest beneficiaries of this opening as it will lead to major changes at the Securities Commission. For example, Polymarket users gave a 58% chance of the agency approving a spot XRP ETF in 2025.

XRP price analysis

The weekly chart shows that XRP has risen for three consecutive days, even as other cryptocurrencies have fallen. The recovery began when the coin fell to the psychological level of $2, which forms the lower bound of the symmetrical triangle. This pattern is part of a bullish flag formation.

XRP also formed a breakout and retest pattern, falling to a key support level at $1.9660, its previous all-time high. This pattern is widely viewed as a bullish continuation signal.

XRP remains above all major moving averages, indicating further bullish momentum. The next crucial resistance level to watch is $2.9150, which could serve as the next target in the ongoing rally.