XRP’s Wild Ride: Bulls Aim for $2.6, but a Whale’s Got a Trick Up Its Sleeve!

by

Key Takeaways

  • XRP has broken key resistance and surged 4.8%. Whale accumulation, rising spot interest, and bullish Futures sentiment signal potential for a continued rally toward new highs. But wait, there’s a twist! 🤔

Ripple [XRP] has been on a thrilling ride, gaining 4.8% in the past day and keeping its price action firmly in positive territory. Imagine a rollercoaster that just won’t stop climbing! 🎢

Market activity over the past 24 hours showed that XRP maintained its upward momentum despite some pesky selling pressure. Most investors are still holding on tight, betting on a long-term win. 🤑

Is XRP on the verge of a rally?

At the time of writing, XRP had broken through the resistance level of a bullish formation known as the ascending pattern. It’s like breaking through a glass ceiling, but this time, it’s a digital one! 🚀

This resistance has previously triggered price rejections on three separate occasions, causing XRP to take a nosedive. But this time, it might just be different. 🤞

However, if the price closes above this level and forms a succession of strong green candles, XRP could be set for a bullish run to $2.6. That’s a lot of green, folks! 💸

That said, the resistance zone has attracted significant sell orders. According to Whale Alert, despite XRP’s slight gain, one whale moved a large volume of the asset into exchanges—likely for selling. It’s like a big fish dumping its catch back into the sea. 🐟

24.54 million XRP (worth $60 million) had been transferred to Coinbase, suggesting that a potential sell-off may have begun. Watch out, it’s raining XRP! 🌧️

The bigger picture remains bullish

There’s been a noticeable increase in the number of XRP whale wallets, each holding at least 1 million tokens. According to Santiment, 2,742 such wallets now exist, just one shy of the record of 2,743. Together, these whales control a total of 47.32 billion XRP. That’s more XRP than you can shake a stick at! 🤚

Despite XRP reaching a 3-week high and trading at $2.39, at press time, these large holders have not exited their positions. This indicates that whales remain bullish on the asset’s long-term prospects. They’re like the captains of a ship, steering through rough waters with confidence. 🚢

For now, these large holdings aren’t triggering any sell pressure. In fact, they may have added confidence to the market, as spot investors have also stopped selling. It’s like a game of musical chairs where everyone’s still standing. 🎶

Spot accumulates, perpetuals stay bullish

Spot traders have switched from selling to accumulating, aligning with the long-term stance of whales. On the 9th of July, spot investors offloaded $27.76 million worth of XRP. However, the following day, they made a net purchase of $2.45 million, according to CoinGlass. It’s like they’re playing a game of cat and mouse, but the cat is winning. 🐱

The XRP acquired in these transactions has been moved to private wallets, further confirming investors’ long-term outlook. It’s like they’re hiding their treasure in a secret cave. 🏴‍☠️

Similarly, in the Perpetual Futures market, bullish sentiment persists. The Open Interest Weighted Funding Rate remained in positive territory at 0.0091%, a level it has held since the 28th of June. This suggests that perpetual traders are favoring long positions over shorts. If this trend continues, it could further strengthen the growing bullish momentum, pushing XRP higher in the coming sessions. It’s like a snowball rolling down a hill, getting bigger and faster. 🏔️

Read More

2025-07-10 16:10