XRP is experiencing impressive growth, up 30% over the past week and reaching $3.61. This milestone is attributed to strengthening positions in the crypto industry and legislative clarity in the US.
Reasons for XRP's Growth
Over the past week, the XRP token has surged by more than 30%, hitting $3.61, marking a peak not seen since early 2018. Its current trading value is around $3.46, with trading volumes and open interest across major exchanges significantly increasing, contributing to a market capitalization of over $190 billion.
Institutional Demand and Whale Activity
Growing interest from institutional investors is another driving force behind XRP's rise. On-chain data reveals that whales have accumulated over 2 billion XRP in just two weeks. Open interest in XRP futures has surged to nearly $10 billion, reminiscent of previous bull market peaks.
Caution and Perspectives
Despite XRP's impressive performance, analysts urge caution. The $3.80–$4.00 range is anticipated to serve as significant resistance, and if profit-taking occurs, a temporary retracement may result. While sentiment has improved, market volatility remains a concern.
The XRP market is demonstrating growth dynamics amid new legislative initiatives and increasing institutional interest. However, investors should exercise caution considering the potential pitfalls.
