XRP has been on a tear, jumping to a seven-week high above $2.39 on July 10. The rally comes as investor interest heats up and large holders often called “whales” continue to pile in.
Fresh data from analytics firm Santiment shows that XRP crossed the $2.39 mark for the first time since May 23. The number of wallets holding at least one million XRP has grown to 2,742, a notable increase signaling confidence among major players. Together, these big holders now control roughly 47.32 billion XRP, suggesting ongoing accumulation near the upper end of the token’s supply distribution.
At the moment, XRP is trading around $2.42, reflecting a 4% gain over the past day and a 7% increase over the last week. This price surge has been accompanied by a dramatic jump in trading activity. In the past 24 hours alone, trading volume has soared by 74.1%, reaching $4.54 billion.
Derivatives Market Follows the Surge
The buzz isn’t limited to spot trading. XRP’s derivatives market has also been heating up. Data from Coinglass reveals that derivatives trading volume climbed 77.68% to hit $9.95 billion. Open interest the total value of outstanding derivative contracts also rose by 10.12% to $5.62 billion. These figures indicate that speculative interest in XRP is alive and well.
Technical Indicators Signal Strength… But Caution is Warranted
On the technical front, XRP’s recent leap above $2.40 has pushed its price outside the upper Bollinger Band a sign of strong momentum. The token is also comfortably sitting above key short- and mid-term moving averages, including the 10, 20, 50, 100, and 200-day exponential and simple averages.
The relative strength index (RSI) currently stands at 66. This suggests XRP still has momentum without yet tipping into overbought territory. Meanwhile, the MACD indicator remains in positive territory and is expanding, pointing to a trend that looks set to continue rather than reverse.
Volume has surged alongside the price, lending further credibility to the breakout. The widening of the Bollinger Bands also signals growing volatility often seen during the early stages of bigger price moves.
However, traders should stay alert. Short-term oscillators like the stochastic RSI are nearing overbought levels, hinting that a short-lived cooldown could be around the corner.
Key Levels to Watch
If bulls can keep XRP above the $2.40 breakout zone, the next resistance to watch is around $2.50. Beyond that lies the May highs near $2.63 a level that could come into play if the current momentum holds. Solid accumulation by large holders and increasing trading volume support this optimistic scenario.
On the flip side, if XRP slips back below $2.30, it could signal a failed breakout and set the stage for a retreat toward the 20-day moving average, hovering near $2.21. A drop like this especially if accompanied by declining volume might raise doubts about the sustainability of the recent rally.
Either way, XRP’s recent action proves the token is far from quiet and traders will be watching closely to see what comes next.
