After a bull uptrend within the last 24 hours, XRP’s price has retraced after failing to break past the intraday high at $0.6234. However, the increasing trading volume alludes to an incoming influx of buyers scooping up the dip to increase their token holdings before an anticipated favorable ruling in the Ripple vs. SEC case.
XRP Market Performance
XRP, the sixth-biggest digital asset in terms of capitalization, has seen tremendous surges lately. The digital asset registered a 40% increase over the week, having charged above the critical support area at $0.381 on the 5th of July. This move has seen XRP break above the $0.58 barrier for the first time since mid-April, representing a 15-week high.
Santiment also noted that a rising accumulation of whales and sharks supports this rebound. Now, wallets holding more than 100,000 coins hold 51.59 billion XRP, which represents 85% of the total supply and marks an 11-month high. At the time of press, XRP was trading at $0.5863, up 3.56% from the intraday high.
Golden Cross Formation
Further, the bullish XRP move was technically validated after a golden cross on the 4-hour chart. In technical analysis, such an occurrence frequently signals the likelihood of more bullish action in the future. Specifically, XRP’s daily SMA 50 crossed above its daily SMA 200 to confirm the sentiment as very bullish.
The trading volume and activity around XRP have increased markedly, moved by whales and speculation over the Ripple vs. SEC case. Big transfers of 237 million XRP were observed between the latter on July 9, correlating with an increased price from around $0.44 to slightly below $0.60.
Moreover, data from Whale Alert showed that two whales between them shifted 50.92 million coins, equivalent to $27.45 million, in transactions over the last 24 hours. These involve accumulations and dumps, further fueling speculation around future price action. Notable market analysts have quoted the growing amount by which whales with over 100,000 XRP coins are holding as a bullish sign for the asset’s future.
XRP Dominance and Key Levels
Key support and resistance areas that investors or traders will be very keen on to observe are what signals the sustainability of upward momentum in XRP. In the meantime, a strong established support base is at the $0.381 level and can go further up to $0.403. This will definitely sustain the bullish trend as long as the price holds above this level. Resistance is expected at the $0.66 and $0.78 levels; beyond the mentioned points, a breakthrough could be considered toward the $1 mark.
Crypto analyst Nick, alias Crypto Crusader, explained that XRP is gaining strength against Bitcoin. He said that the latest XRP dominance chart showed more room on the upside, with key levels of dominance around 1.6% and 1.7%. If XRP gains above 2% dominance, then it will flip major currencies like USDC, Solana, BNB, Tether, and Ethereum.
The most recent price action for XRP dominance tests and then bounces off the key 1.03% level. Such a test was crucial because it is similar to the market conditions that precipitated the last 650x move.
