XRP continues to gain popularity among banks and payment companies, contributing to its market rise.
Institutional Use of XRP
XRP is currently trading at $3.23, having gained 8% over the past week, although it has lost 2% in the last day. Analyst David KML reports an increase in institutional use of the XRP Ledger for cross-border transactions. This indicates a growing role for XRP in global payments.
> "XRP is seeing strong growth with increasing institutional interest and wider adoption in global payments," said David KML.
Technical Analysis and Key Levels
Analyst CRYPTOWZRD described the last daily close as indecisive, noting a similar pattern for XRP/BTC. The price is near the $3.3 resistance level. A move higher could bring $3.65 into view, while $3.23 serves as intraday support and $3.4 is the next resistance level.
> "Above the $3.4 resistance target we will get the next trade opportunity as our current position will already be secured," he said.
Whale Activity in the Market
Data from analyst Ali Martinez indicates that large holders purchased 320 million XRP in three days, worth about $1 billion at current market prices. Such accumulation can reduce short-term selling pressure and may sway sentiment among retail traders.
The growing institutional interest and activity among large holders of XRP raise optimism in the market, creating potential for further price growth.
