Ripple (XRP) is showing resilience by standing firm above a key support zone, with an increase in wallet numbers and network activity.
Chart Structure and Support Zone
Ripple (XRP) continues to trade above the key support range between $3.05 and $3.10, which has acted as a foundation for several rebounds throughout July. Each time the price approached this zone, buyers stepped in to defend it. Recent movements indicate a potential double bottom forming, which typically appears when a trend is changing. The price was sitting at $3.14 at the time of writing, showing a small increase over the past 24 hours and a 3% increase over the week.
Wallet Activity and Exchange Trends
More XRP is now being stored in private wallets, suggesting less supply available for quick selling. This shift indicates that holders are moving their assets off trading platforms, likely for long-term holding. Simultaneously, the number of XRP wallets is increasing; on July 21, the count reached 7.2 million and is continuing to rise, nearing 7.3 million, indicating broader network participation and user interest.
XRP Activity Spikes Before August
XRP recorded significant changes in token movement throughout July. Transfers peaked at 1.8 billion tokens but dropped to 300 million by July 28. Activity later rebounded to around 1 billion, showing a return of network engagement before August. Analysts note that closing above $3.23 could open up longer trading setups.
Ripple (XRP) is at a pivotal point, showing positive signs such as defending the key support zone and increased interest in assets. The market's future movements will largely depend on further price level changes.
