XRP Gains 5% After RLUSD Mastercard Pilot, Technical Breakout Targets $2.50
XRP surged 4.9% to $2.35, breaking past the critical $2.30 resistance driven by nearly doubled institutional volume. This marks its strongest daily gain in a week, outpacing a broader market decline. The rally was fueled by renewed institutional interest and accumulation near $2.30 after a period of price compression. Ripple, Mastercard, WebBank, and Gemini initiated a stablecoin settlement pilot using RLUSD on the XRP Ledger, processing real-world fiat credit card payments via blockchain. RLUSD, operating under New York's regulated Trust Charter, has exceeded $1 billion in circulation. Traders viewed the pilot as validation of Ripple's infrastructure beyond remittances, expanding its enterprise use cases. Technically, XRP reclaimed $2.30, with volume up 95% against the 24-hour average, and aims to test $2.50–$2.60 with immediate resistance at $2.38–$2.39. Traders are monitoring sustained closes above $2.35, continued institutional flows, and regulatory developments through mid-November.
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XRP's Daily Performance
XRP rallied 4.9% to $2.35 in Tuesday’s session, breaking through key $2.30 resistance with nearly doubled institutional volume. This marked the token’s strongest daily gain in a week and an outperformance against a declining broader market. Traders are now eyeing a potential push toward $2.50.
Institutional Interest and Price Movement
Institutional flows rotated back into XRP as risk assets elsewhere corrected. Large holders accumulated near $2.30, following a week of price compression. The breakout was confirmed by three consecutive hourly candles breaking resistance levels with rising volume, signaling confidence-driven behavior.
Ripple's Collaboration and Blockchain Settlement Pilot
Ripple, Mastercard, WebBank, and Gemini jointly launched a stablecoin-based settlement pilot using RLUSD on the XRP Ledger to process fiat credit card payments. This initiative signifies one of the first tests by a regulated U.S. bank to settle real-world card transactions directly via a public blockchain. With RLUSD surpassing $1 billion in circulation, the pilot provides a regulated framework under New York’s Trust Charter, broadening stablecoin-backed payment applications.
Broader Implications for Ripple's Infrastructure
Traders view the pilot program as a validation of Ripple’s infrastructure beyond cross-border remittances. This move highlights the potential expansion of enterprise use cases, particularly as stablecoin settlements grow into a favored on-chain banking mechanism.
Price Action Summary
- Breakout triggered after reclaiming $2.30 on 164M volume.
- Session high reached $2.39 before light profit-taking.
- Support now anchored at $2.32, with prior resistance becoming the base.
- Momentum held through consolidation between $2.34–$2.35.
- XRP exhibited higher highs and maintained a clear breakout channel.
Technical Analysis Highlights
- Trend: Bullish reversal confirmed by higher low formation.
- Support Levels: $2.32 (new base), $2.21 (secondary).
- Resistance: $2.38–$2.39 as the immediate barrier; upside target set at $2.50–$2.60.
- Volume: 95% surge above 24-hour average confirms institutional interest.
- Momentum: Rising RSI with no exhaustion signals.
- Structure: Clean breakout over prior consolidation; intraday volatility at 7.4%.
Key Focus for Traders
- Monitoring if XRP can sustain closes above $2.35 and flip $2.38–$2.39 into support.
- Watching for continuation of RLUSD-led institutional narratives as Mastercard tests on-chain settlements.
- Evaluating post-breakout volume consistency, critical for confirming fund-driven follow-through.
- Assessing pullback risks to $2.30 if momentum fades.
- Staying updated on ETF and regulatory developments through mid-November, which could reinforce bullish flows.