Key Takeaways
- XRP broke key resistance and surged 4.8%. Whale accumulation, rising spot interest, and bullish Futures sentiment signal potential for a continued rally toward new highs.
Ripple [XRP] has been on a bullish trajectory, gaining 4.8%, at press time, in the past day and keeping its price action firmly in positive territory.
Market activity over the past 24 hours showed that XRP maintained its upward momentum despite selling pressure, as most investors continue to hold a long-term outlook for the asset.
Is XRP on the verge of a rally?
At the time of writing, XRP had broken the resistance level of a bullish formation known as the ascending pattern.
This resistance has previously triggered price rejections on three separate occasions, causing XRP to decline on the chart.
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 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.
24.54 million XRP (worth $60 million) had been transferred to Coinbase, suggesting that a potential sell-off may have begun.
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.
Source: Santiment
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.
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.
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.
Source: CoinGlass
The XRP acquired in these transactions has been moved to private wallets, further confirming investors’ long-term outlook.
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.
Source: CoinGlass
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.
