Texas Rep. Ron Paul's presidential campaign raised $4.5 million in January plus another $1.7 million last week in a "moneybomb," according to a statement released by the Paul team on Monday.

A "moneybomb" is a political term for a short-term grassroots fundraising campaign.

Paul's campaign now has $1.6 million on hand.

In the statement, the campaign said its fundraising results show Paul has the resources to remain in the race for the Republican nomination until the end.

"Ron Paul is the only Republican candidate who can defeat Barack Obama," said Ron Paul 2012 National Campaign Chairman Jesse Benton in the statement. "And, he is the only one prepared for an exhaustive 50-state campaign in terms of organization, ballot access, and fundraising stamina."