XRP, the third-largest cryptocurrency by market cap, is once again drawing attention in the market due to the emergence of a rare technical signal historically linked to significant price surges.
New Signal for XRP
XRP has triggered renewed excitement across the crypto market after flashing a historically rare technical signal. The MVRV ratio has just printed a golden cross, a pattern often linked with major price movements.
According to cryptocurrency analyst Ali, the last time this signal appeared, XRP skyrocketed by 630%. He disclosed this on the platform X, sparking discussions of a possible surge to $20.
Institutional Interest and Whale Activity
Market momentum strengthened after reports of growing institutional interest in XRP. The ProShares XRP Futures ETF is expected to launch on July 18, attracting attention from large players. It is also reported that whales are returning to the market at breakout levels. This has pushed XRP past the resistance line of $3.00. Open interest in XRP has also increased, indicating greater commitment from futures traders.
Sharp Liquidations and Their Effects
According to CoinGlass, XRP recorded liquidations totaling $38.98 million, with $28.93 million coming from short positions alone. This created an $18.89 million imbalance, one of the largest across major assets in the last 24 hours. The price surged to $3.30 before settling at $3.24. Mini liquidations alone touched $15.36 million within four hours.
XRP's golden cross signal, coupled with strong ETF-related interest, may set the stage for a significant price breakout. Analysts are now tracking the token for confirmation of a continued upward move.
