The recent price increase of XRP above $3 is attributed to significant purchasing activity by large investors and growing institutional interest.
Whale Accumulation Drives the Surge
Renowned crypto analyst Ali reported substantial accumulation of XRP by large investors, with 2.2 billion XRP purchased over the past two weeks. On-chain data indicates significant increases in balances among wallets holding between 100 million and 1 billion XRP, reflecting renewed confidence in XRP’s long-term potential.
XRP Reclaims $3 With Strong Technical Support
XRP's recent rise above the $3 mark is a significant technical indicator. Market data highlights a breakout from a symmetrical triangle pattern and the formation of a bullish golden cross. Should XRP close above $3.30, it would pave the way towards its all-time high around $3.84.
Institutional Interest and Market Expansion
The increasing institutional activity supports XRP's price surge. Open interest in XRP futures has surged to $9.25 billion, nearly three times its levels in April. Additionally, Ripple's partnership with the Dubai Land Department for real estate tokenization highlights XRP’s growing utility in global finance.
XRP's growth is grounded in deep whale accumulation, strong technical signals, and expanding institutional involvement, indicating a mature breakout within the cryptocurrency market.
