XRP, the digital currency, has recorded a rise to a seven-week high of $2.39, driven by growing investor interest and active accumulation by large holders.
Overall Market Status of XRP
According to data shared by Santiment on July 9, XRP has crossed the $2.39 mark for the first time since May 23. Currently, 2,742 wallets hold at least one million XRP, indicating growing confidence among major holders. Together, these wallets hold 47.32 billion XRP, which also reflects ongoing accumulation activity.
Technical Analysis of XRP
XRP is trading at $2.42, up 4% from the previous day. The trading volume increased by 74.1% in the last 24 hours to $4.54 billion. Coinglass data indicates that XRP's volume surged by 77.68% to $9.95 billion, while open interest rose by 10.12% to $5.62 billion. This indicates an uptick in speculative activity in the market.
XRP Price Forecast and Possible Support Levels
On the technical side, XRP's recent breakout above the $2.40 zone suggests a potential strong short-term momentum. The price is comfortably above all major moving averages, adding confidence to the bullish trend. However, if the price falls back below $2.30, it could indicate a failed breakout and signal a drop toward the 20-day moving average, which is near $2.21.
The rise of XRP to a seven-week high and the accumulation by large holders highlight confidence in the market. It is essential to monitor key levels and assess the potential for further gains or corrections.
