XRP is experiencing notable growth, increasing by 6% over the last 24 hours and 29% over the past week. Investors globally are closely monitoring this cryptocurrency, anticipating a possible breakthrough at the $3 mark.
Current XRP Dynamics
At the time of writing, XRP is trading at $2.94, reflecting a 6% increase from the previous day. Over the past week, its price has ranged from $2.25 to $2.95. Traders are watching closely to see if Ripple can maintain its position above this level, which hasn't been breached since 2018.
Whale Interest
There has been a notable increase in interest from large investors, known as 'whales,' since July 10, when the number of wallets holding more than 1 million XRP exceeded 2,742, with a total holding of over 47 billion XRP. This indicates strong confidence from large holders.
Technical Analysis and Long-term Predictions
XRP is attempting to break through the psychological barrier at $3 with strong upward momentum. Despite the relative strength index indicating overbought conditions (at 83), other indicators such as the MACD confirm further upside potential. Some analysts, including Ali Martinez, suggest that a weekly close above $3 could pave the way for a long-anticipated rally to $6 or more. However, there is a risk of a pullback if XRP fails to hold above $3.
The rise of XRP underscores the interest from large investors and positive market sentiment. However, monitoring price levels is crucial for evaluating the cryptocurrency's future prospects.
