Ripple Labs Mints 20M RLUSD on Ethereum Amid XRP Price Recovery

Ripple Labs minted 20 million RLUSD stablecoins on Ethereum as part of broader market recovery, according to data from the Ripple Stablecoin Tracker. This move comes alongside a sharp rebound in XRP's price, which rose from around $1 to over $1.40.

The rebound is attributed to a bullish divergence signal that formed on the XRP chart before the recent move. This pattern shows the Relative Strength Index (RSI) making higher lows while the price moved lower, indicating weakening selling pressure.

Market activity around XRP has increased significantly, with $1.25 billion in short positions liquidated during the move. Whales also bought 300 million XRP, according to Santiment data. The next major resistance level for XRP is at $1.58-$1.60, followed by a key confirmation level of $1.96.