XRP Rallies: Will the Whales Steer the Price Higher?
Ripple’s XRP has emerged as a top performer in recent weeks, experiencing a significant surge in price. This positive momentum coincides with a broader optimistic sentiment across the cryptocurrency market.
XRP Price Climbs
XRP has exhibited a robust upward trend throughout July. The price has risen by an impressive 38% since around July 8th. Notably, XRP achieved consecutive gains over the past four days, pushing its price to near $0.60.
While a slight retracement has occurred, XRP is still trading at around $0.59, reflecting a minor decline of just over 1%. Despite this hiccup, technical indicators continue to signal a bullish trend for XRP.
XRP/USD Technical Analysis Indicates Bullish Potential
The Relative Strength Index (RSI) currently sits at 65, suggesting XRP is in bullish territory without reaching overbought levels, hinting at potential for further price increases. Additionally, the Moving Average Convergence Divergence (MACD) reinforces this optimism. Its lines and histogram positioned above zero point towards sustained positive momentum.
While XRP experienced a correction from the $0.6220 zone, it’s currently consolidating above $0.580 support. A clear break above $0.600 could signal further price increase. However, failing to surpass this resistance might lead to another decline.
XRP’s Strong Weekly Performance
Despite the recent dip, XRP remains a top gainer over the past week, according to CoinMarketCap data. It has experienced an approximate 12% increase during this period, highlighting a generally strong performance for XRP. This upward trend suggests the overall momentum for Ripple remains positive despite the recent pullback.
Futures Market Confirms Bullish Sentiment
A positive and rising trend is evident in the recent XRP funding rate analysis on Coinglass, currently hovering around 0.09%. This indicates that long positions (buyers) are paying short positions (sellers), typically suggesting prevailing bullish sentiment in the market.
Open Interest Points to Increased Market Activity
There’s been a significant rise in open interest for XRP, exceeding $800 million, a substantial increase from $667 million just a week ago. This surge indicates new money entering the market and growing participation in XRP futures contracts, suggesting heightened interest in Ripple.
Whales Accumulate XRP
On-chain data reveals that XRP whales have been accumulating significantly over the past week, potentially bullish for the price. Analyst Ali Martinez highlights a recent increase in whale supply share, suggesting they believe in further price hikes.
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