The recent rise in XRP's prices is driven by activities of major investors and expectations for the launch of an ETF. This article explores the key factors contributing to this surge.
Summary of Recent XRP Surge
This week, XRP surpassed $2.80, briefly touching $2.97 before pulling back from a key resistance level. Key factors supporting this surge include aggressive buying by large holders and increasing speculation surrounding a potential XRP ETF.
Whale Dynamics in the Market
Analysis data shows that the number of wallets holding over 1 million XRP reached an all-time high of 2,743, holding over 47.3 billion XRP in total. This indicates strong confidence from large-scale investors. Moreover, over $31.4 million in short positions on XRP were liquidated in the past 24 hours, adding further buying pressure.
ETF Expectations and Future Projections
Speculation around a potential XRP ETF is also fueling the ongoing rally. A futures-based ETF is expected to launch between July 14 and 25, generating interest among traders. Analysts suggest that if XRP consolidates above $2.60, it may attempt to retest the $2.90 level, aiming for $3. Currently, the RSI stands at 66, indicating solid momentum but not excessively high.
Thus, the current market sentiments, whale activity, and ETF expectations create favorable conditions for further XRP growth. Investors and traders are closely monitoring the situation.
