XRP has soared to a seven-week high above $2.39, marking its strongest price level since late May, driven by significant whale accumulation and heightened market activity. This price breakout reflects growing investor confidence amid a broader cryptocurrency market uptrend.
Whale investors have intensified their accumulation, with 2,742 wallets now holding over 47 billion XRP, indicating notable supply consolidation. This trend suggests strategic positioning by major holders, potentially reducing market liquidity and supporting upward price pressure.
The resurgence is validated by a 74.1% surge in 24-hour trading volume to approximately $4.54 billion, reflecting robust market participation. Additionally, derivatives activity has spiked, with XRP’s futures volume jumping 77.68% to nearly $10 billion and open interest climbing over 10%, signaling increased speculative interest.
Technical indicators show strong momentum, with XRP trading above all key moving averages and its relative strength index (RSI) stabilizing near 66, which favors bullish sentiment. However, short-term oscillators point to potential pullbacks, urging traders to monitor price action closely.
Key resistance levels include $2.50 as an immediate target and $2.63 as a critical barrier. Conversely, a downturn below $2.30 could signal a failed breakout and lead to consolidation.