XRP price has remained bullish over the past 24 hours on recovery in the overall crypto market. In this, the XRP price has oscillated between the intraday high and low of $0.4346 and $0.4112, respectively.
XRP/USD 1-day price chart (source: CoinMarketCap)
At the time of writing, XRP was trading at $0.4344, showing an increase of 4.80% from the intraday low. As a result, XRP’s market capitalization rose by 4.70% to $24,215,539,925, and its 24-hour trading volume decreased by 56% and now amounts to $944,303,230—a sign of the current market trends.
Institutional Interest and Whale Activity
Recent data on institutional interest and whale activities in XRP. The latest weekly report from CoinShares pointed out a net positive capital flow into XRP-based investment funds to $300,000 on June 29.
This is much smaller than other altcoins, which received a higher inflow, like Solana (SOL) or Litecoin (LTC). Still, XRP investors have something to be grateful for compared with those in Ethereum, as of then experiencing massive outflows. On-chain data shows accumulation among large XRP holders.
According to Santiment, supply held by entities with a balance of more than 1 billion tokens has increased from 40.27% at the turn of the year to 41.46% on July 4. This comes as supply held by those in between 100 million and 1 billion XRP is withdrawn with bullish undertones coming from significant holders.
Technical Analysis: Key Support Levels and Potential Breakout
XRP went through a rollercoaster in the first week of July after recording its lowest price since March 2023. During the more enormous crash that ravaged the entire crypto market on July 5, XRP was down by more than 12% on the day to reach lows of circa $0.38. But there were some resilient pockets as bulls were covered with minor gains into July 6.
Now, market analysts are considering should the bullish trend continue, XRP might rally toward the $0.45 resistance level before $0.50. On the downside, if selling pressure surges, the token could test support levels around $0.407 and go on to $0.369.
Currently, XRP has entered a critical support area, previously capable of sending the price into sharp bullish reversals. The digital coin has been trading within a massive triangle pattern for the past seven years, having an upward trendline that has curbed sharp drops since July 2017. It has demarcated primary bear cycles and set off large bullish runs, such as surges of over 1,000% and 200% for XRP prices during previous cycles.
As things stand, the price of XRP is eyeing a sharp bounce back from this ascending trendline, extending to around $0.95 by the close of 2024 or early 2025. That is over 100% higher than it currently is.
At the same time, the fractal pattern of previous cycles pointed to an incoming breakout from the dominating giant consolidation channel, looking much similar to the explosion experienced in 2017.
High-profile investors, like pro-XRP lawyer Bill Morgan, have also come in to buy the dip, further reiterating positive market sentiment. Recently, Morgan purchased some more XRP at slightly above $0.40 and announced his intentions to take in more tokens if prices go as low as $0.375.
