As of the time of writing, the price of XRP is trading at $2.32, with daily gains of 7%, weekly of 0.66%, and monthly of 0.2%. The cryptocurrency market shows significant increases, led by BTC's return to the $108,000 level.
What is driving the price of XRP upwards?
Despite the increasing volatility caused by tensions between Israel and Iran, interest in XRP has not diminished. In fact, large investors holding between 1 and 10 million tokens have continued to accumulate, reflecting sustained confidence.
On the other hand, the market's attention is focused on the upcoming June 17, when the SEC is expected to issue its decision on the proposed XRP spot ETF by Franklin Templeton. If approved, this fund would allow investors to access XRP directly through a regulated exchange vehicle. The SEC is also evaluating the proposal for the WisdomTree XRP Trust fund, submitted by the Cboe BZX Exchange.
Another fact that generates optimism is the potential final resolution of the prolonged legal battle between Ripple and the SEC.
The case seems to be entering its final phase, with both parties pushing for a settlement. According to the latest joint motion, Ripple would pay the SEC a civil penalty of $50 million and receive a refund of $75 million.
Finally, let's remember that VivoPower International PLC, a company listed on Nasdaq, has secured a private placement of $121 million under Regulation S. These funds will be allocated to the launch of what the company presents as the first corporate treasury focused on XRP that is publicly traded worldwide.
Important data to consider for the price of XRP
Open interest in futures contracts remains stable around $3.83 billion. However, the chart shows that, despite this recent stability, the overall trend remains downward from the peak of $5.52 billion reached in mid-May.
In the last week, the number of addresses interacting with XRP surged, exceeding an average of 295,000 daily. To put it in context, its typical activity over the last three months hovered around just 35,000 to 40,000 per day.
For the first time in the 12-year history of XRP, the number of wallets with at least one million tokens has reached a new record: 2,708 unique addresses. According to Santiment data from June 16, each of these wallets has an estimated value of at least $525,000 based on current market prices.
Analysis of XRP charts: key levels to consider
Although XRP has not yet managed to break the key resistance at $2.50, its fundamentals continue to show improvements. In price, this is reflected with a solid rebound from $2.08, signaling that the cryptocurrency maintains notable technical strength.
Analysis of XRP charts. Source: TradingView.
Resistances to watch for:
$2.34: an immediate resistance that the price is about to overcome and represents a key barrier.
$2.45: if the last level is surpassed, the next important resistance line will be this threshold.
$2.65: finally, the last resistance line we will discuss will be this level that the price has not yet managed to overcome.
Supports to watch:
$2.28: the first important support line, corresponding to the EMA 20.
$2.19: the second relevant line, in line with the EMA 200.
$2.08: finally, this technical floor corresponds to the minimum from last Friday, June 13.
It is worth noting that the RSI at 79 points shows XRP in overbought territory, making corrections likely from current levels.