Explosive! $XRP surged to a 7-week peak in a single day, breaking through the $2.39 mark! Whales are buying in aggressively, will the next stop break through the sky?
XRP has been quite strong lately. Data from July 9 shows that it has risen above $2.39 for the first time since May 23. Now, there are 2,742 wallets holding at least 1 million XRP, which is significantly more than before. These wallets collectively hold 4.732 billion XRP, indicating that big players are quite confident and are continuously accumulating.
At the time of writing this news, the price of XRP is $2.42, up 4% from the previous day and up 7% over the week. Trading volume has also surged, spiking 74.1% over 24 hours to $4.54 billion. The derivatives market is also quite lively, with XRP trading volume increasing by 77.68%, reaching $9.95 billion, and open contracts also rising by 10.12% to $5.62 billion, suggesting there are many speculators.
From a technical perspective, XRP has broken through the $2.40 mark and the price has exceeded the upper band of the Bollinger Bands, showing strong short-term momentum. The price is firmly above the 10-day, 20-day, and 50-day moving averages. The relative strength index is at 66, showing strong momentum but not yet overbought; the MACD is also positive and expanding, indicating the trend should continue. The increase in trading volume suggests that this breakout is credible.
The Bollinger Bands have widened, indicating greater volatility, but short-term indicators are nearing their peak, so there may be a slight pullback. Next, we will see if it can break past $2.50; if it can maintain above $2.40, it might reach the May high of $2.63, as big players are still buying and the trading volume is sufficient. However, if it drops below $2.30, this breakout may not hold, and it could fall to around the 20-day moving average of $2.21. If trading volume decreases further, the overall trend becomes uncertain.
I have already set the timing for the next big market movement, bringing you an easy way to profit while holding a full position!