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XRP has once again captured the spotlight in the cryptocurrency market, showcasing a remarkable breakout rally on Wednesday, July 18. The digital asset surged nearly 8%, closing at $3.47, inching closer to its all-time high of $3.84 recorded in 2018 on Korean exchanges. This impressive climb can be attributed to strong whale accumulation and a growing interest from institutional investors.
XRP’s Price Surge: A Closer Look
The recent price action reveals XRP’s upward trajectory, with the token rising 7.8% over a 24-hour period. From 13:00 UTC on July 17 to 12:00 UTC on July 18, XRP jumped from $3.25 to $3.47. This significant movement was primarily driven by a breakout above the crucial $3.40 resistance level, prompting traders to pile in. Notably, over 2.2 billion XRP were accumulated by whales, reflecting a robust demand.
Trading Volume and Market Dynamics
During this session, XRP’s trading volume exceeded 490 million units, more than double its daily average. This spike in volume underscores the heightened interest in XRP, as traders reacted to the bullish momentum. Technical charts indicate that XRP has successfully established a new support zone between $3.42 and $3.43, with buyers actively defending this range.
What’s Driving the XRP Rally?
The current bullish sentiment surrounding XRP is fueled by anticipation of increased institutional participation and the potential approval of an XRP-based Exchange-Traded Fund (ETF). Recently, Grayscale has also rebalanced its Digital Large Cap Fund to include XRP, further strengthening its position in the market. Moreover, XRP’s growing adoption for cross-border settlements has enhanced its relevance among leading digital assets, even briefly surpassing BNB in 24-hour trading volumes.
Price Action Summary: Key Metrics
- XRP surged from $3.25 to $3.47 over 24 hours, peaking at $3.64 before some profit-taking occurred.
- The intraday price action showed a substantial 14.8% range ($0.47), with the most significant move occurring at 21:00 UTC.
- Volume reached 490.04 million XRP during the breakout, more than double the average for the past 24 hours.
Technical Analysis: What’s Next for XRP?
From a technical standpoint, XRP has cleared previous resistance near $3.40, establishing a solid support zone at $3.42–$3.43. A notable high-volume spike to $3.53 during the breakout confirms bullish control. As for the resistance levels, the peak of $3.64 will be crucial to monitor. Currently, the Relative Strength Index (RSI) remains elevated but not overbought, and the Moving Average Convergence Divergence (MACD) continues to favor upside extensions. Hourly charts indicate a tightening consolidation above $3.45, which sets the stage for a possible move towards $3.80 and even $4.00.
Traders’ Focus: What to Watch For
As XRP continues to gain momentum, traders are closely watching for a potential breakout above $3.53. Such a move could pave the way for a retest of XRP’s 2018 record high of $3.84 and potentially reach the $4.00 mark. Speculation surrounding ETF approvals and ongoing whale activity remains pivotal, as institutional flows continue to strengthen. The $3.42–$3.43 zone has become a key level; if this support holds, bullish sentiment is likely to persist.
Conclusion: What’s Next for XRP Investors?
In conclusion, XRP’s recent surge is a testament to the growing confidence in the asset, driven by significant whale activity and institutional interest. As traders navigate this volatile market, understanding the underlying factors—such as the potential for ETF approvals and strategic accumulation—will be essential for making informed investment decisions. For those looking to dive deeper into XRP and its price predictions, additional resources can be found [here
