XRP News Today: XRP Surges 17.5% to $2.97 on Whale Accumulation and ETF Hopes

XRP, the cryptocurrency associated with Ripple, experienced a significant surge this week, briefly reaching $2.97 before encountering resistance and pulling back. This price movement was driven by a combination of factors, including aggressive accumulation by large holders and growing speculation around the potential approval of an XRP Exchange-Traded Fund (ETF).

The price surge was notable as it briefly touched $2.97, a level that market analyst @Shawnmark7899, known as XRPunkie, had previously identified as a critical resistance zone. The analyst had pointed to the $2.70–$2.90 range as a pivotal area for XRP, suggesting that a decisive breakout above this range could lead to a complete trend reversal with targets between $10 and $15. However, the recent rejection from the 0.786 Fibonacci level at $2.90 may indicate a short-term stall before a more decisive move.

On-chain data from Santiment revealed that whale wallets holding over 1 million XRP have reached a new all-time high of 2,743. These wallets now hold over 47.3 billion XRP, demonstrating strong confidence from large-scale investors. This accumulation by whales has been a significant contributor to the recent price explosion, as large holders continue to aggressively buy and hold the asset.

In addition to whale activity, the market saw a massive short squeeze, with over $31.4 million in XRP short positions liquidated in the past 24 hours. This liquidation added further buying pressure, pushing XRP’s open interest to $7.2 billion, the highest level in more than six months. The short squeeze, combined with the bullish momentum, has driven the price higher, with market signals suggesting further gains are possible.

The growing anticipation of a potential XRP ETF has also fueled the rally. The U.S. Securities and Exchange Commission has fast-tracked ETF processing, with a futures-based XRP ETF expected to go live between July 14 and 25. However, the most anticipated innovation among traders is the spot ETF, which could provide a more direct investment vehicle for XRP.

Overall, the bullish market forces, including the surge in Bitcoin and Ethereum prices, have contributed to XRP’s rally. Bitcoin is currently priced at $118,000, and Ethereum has recorded a 17.5 percent increase this week. XRP has become one of the most successful altcoins in this environment of spreading interest in major key assets.

According to analysts, if XRP consolidates above $2.60 and rises to a higher level at $2.65, there might be a second attempt to reach $2.90 and rise to $3. The Relative Strength Index (RSI) is currently at 66, indicating high momentum but not an unwarrantedly high level. This suggests that the rally could continue, driven by whale activity, short liquidations, and growing ETF optimism.