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XRP (XRP) extended its recent rally on Monday as Ripple’s ecosystem received a boost from the launch of RLUSD trading on crypto exchange Gate.io, while growing speculation around XRP exchange-traded funds (ETFs) and rising institutional demand continued to support bullish sentiment.
The token climbed by 3.4% over seven hours, reclaiming the $1.20 level and reaching around $1.24.
The move came amid a combination of technical breakout momentum, short-liquidation-driven buying, increasing derivatives activity, and fresh developments surrounding Ripple’s stablecoin strategy.
Gate.io announced the listing of Ripple USD (RLUSD), Ripple’s US dollar-pegged stablecoin, on June 15. The exchange simultaneously launched several trading pairs, including BTC/RLUSD, ETH/RLUSD, XRP/RLUSD, and RLUSD/USDT, expanding the stablecoin’s utility across spot trading markets.
Since launching in December 2024, RLUSD has surpassed $1.6 billion in market capitalization, reflecting growing adoption across payments, cross-border settlements, and institutional decentralized finance applications.
$RLUSD is now live on @Gate_io.$XRP / $RLUSD spot trading pairs are available today, unlocking real interoperability and capital efficiency for digital asset markets worldwide. https://t.co/HHQnfhcMFc
— Ripple (@Ripple) June 15, 2026
A notable feature of RLUSD is its dual-network deployment on both the XRP Ledger and Ethereum. This multichain approach allows users to leverage XRP Ledger’s low-cost, high-speed transactions while also accessing Ethereum’s smart contract ecosystem.
To support adoption, Gate.io launched a 750,000-RLUSD incentive program covering trading rewards, liquidity incentives, VIP airdrops, withdrawal fee reductions, and promotional campaigns.
Beyond the RLUSD launch, XRP has benefited from increasing optimism surrounding spot XRP ETFs.
Market data shows $1.4 billion in cumulative net inflows into XRP investment products since launch, with recent weekly inflows outperforming those of Bitcoin (BTC)- and Ether (ETH)-related funds. The sustained institutional demand has provided a strong foundation for XRP’s recent price recovery.
Whale accumulation has also played a significant role. Data indicates that wallets holding at least 1 million XRP now control 74% of the circulating supply. Over the past six months, these large holders have reportedly accumulated more than 1.5 billion XRP, reducing the liquid supply available on exchanges.
Adding to the bullish narrative, more than 25 million XRP was recently withdrawn from centralized exchanges, signaling long-term accumulation rather than near-term selling pressure.
XRP’s latest surge was amplified by a short squeeze following a breakout from a multi-week consolidation pattern.
The cryptocurrency successfully pushed through key resistance levels near $1.14, $1.18, and $1.20, triggering significant liquidations among bearish traders.
Market data shows that approximately $7 million in XRP positions was liquidated over the past 24 hours, with nearly 86% of those liquidations coming from short positions.
As short sellers were forced to repurchase XRP to close their positions, additional buying pressure accelerated the rally and contributed to the token’s rapid gains.
Trading volume also surged sharply across major exchanges, including increased participation from Asian markets, further reinforcing the breakout.
The XRP derivatives market reflects increasing investor confidence. Open interest in XRP perpetual futures climbed to $2.54 billion, up from $2.48 billion a day earlier and $2.28 billion at the beginning of June.
From a technical perspective, momentum indicators have begun turning positive. The moving average convergence/divergence (MACD) histogram has moved into bullish territory, while the relative strength index (RSI) has climbed above 50, suggesting strengthening buying momentum.
However, XRP still faces several resistance levels ahead. Immediate resistance sits near the 50-day exponential moving average (EMA) at $1.29, followed by the 100-day EMA around $1.38 and a key trendline resistance near $1.43.
On the downside, analysts warn that a failure to sustain current gains could see XRP retest support near $1.05.
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