XRP Sees 6% Increase After Breaking Out of Descending Wedge Amid Whale Accumulation

XRP experienced a notable surge of 6%, breaking out of a descending wedge pattern with significant whale accumulation indicating strong institutional interest. Recently, the market sentiment around XRP has been bolstered by the resurgence of Ripple’s RLUSD stablecoin, which recently surpassed a $500 million market cap, encouraging traders and investors alike.

Key Highlights

• XRP’s rise came as whales accumulated significant volumes, now holding over 47 billion tokens.
• The price moved from $2.42 to $2.57 between July 10 and July 11, showing strong intraday volatility.
• Institutional demand is anticipated due to favorable regulatory developments concerning Ripple in various jurisdictions.

Market Insights

1. The clean breakout occurred at 21:00, with a dramatic increase in trading volume, 168% higher than the average.
2. Support levels were observed at $2.53, indicating a potential for upward movement if sustained.
3. Traders are eyeing the $2.60 mark as a critical resistance level, with expectations of further gains.

As XRP continues showing robust performance, traders are watching how whale activity and market conditions will shape its trajectory moving forward.