XRP Nears Seven-Week High Above $2.39 Amid Rising Whale Accumulation and Increased Trading Volume

Key Points

1. XRP reached a seven-week high above $2.39, marking its highest level since late May.

2. Whale accumulation is notable, with 2,742 wallets now holding over 47 billion XRP, indicating supply consolidation.

3. XRP's 24-hour trading volume surged by 74.1% to $4.54 billion, validating the price breakout.

4. Derivatives market activity also increased, with XRP's volume rising by 77.68% to nearly $10 billion and open interest climbing over 10%.

5. Technical indicators show strong momentum, with XRP above all key moving averages and an RSI of 66, but short-term oscillators suggest potential pullbacks.

6. Key price levels to watch include $2.50 as an immediate target and $2.63 as critical resistance, while a drop below $2.30 could signal a failed breakout.