XRP, one of the popular cryptocurrencies, has shown significant growth in the last 24 hours, rising over 5% to reach a value of $2.45. This change has attracted the attention of experts and analysts who emphasize the importance of the upcoming candle closure.
Crucial Day for XRP
XRP's rise allowed it to surpass the key resistance level of $2.31–$2.36. Analysts point out that the candle closure on July 11 at 02:59 will determine the further price dynamics. If the closure is above $2.36, this may open the way for prices in the $2.44–$2.45 range and possibly further to $2.61. Conversely, remaining below $2.36 could lead to increased selling pressure.
Volume Dynamics and Scenarios
Low global trading volume is a critical factor that may overshadow XRP's rise. Analyst Vincent Van Code emphasizes that for the price increase to be sustainable, volume must exceed $10 billion. Otherwise, sharp pullbacks may occur. Moreover, current volume dynamics may leave downward scenarios open if buying demand weakens.
Role of Major Holders
According to blockchain analysis firm Santiment, XRP's price reached its highest level in seven weeks at $2.39. Over 2,742 wallets, each holding at least one million XRP, collectively own 47.32 billion XRP. The significant presence of these major holders could drive both upward movements and potential corrections.
In recent days, XRP has experienced significant price fluctuations, with key support and resistance levels playing a crucial role in determining its future dynamics. Investors are paying attention to potential changes in market sentiment, while the trading activity of major holders will also impact the price.
