XRP News Today: XRP Surges 29% in a Week, Approaches $3 Mark

XRP, the cryptocurrency associated with Ripple, is on the verge of a significant milestone as it approaches the $3 mark for the first time since 2018. This surge in value is attributed to growing whale accumulation and a bullish market sentiment, particularly amidst Bitcoin's recent rally. At the time of writing, XRP is trading at $2.94, up 6% in the past 24 hours and 29% over the last week. Its seven-day range is between $2.25 and $2.95, and traders are closely monitoring it to see if it can hold above this long-standing resistance.

Whale interest has clearly increased, as reported on July 10. More than 2,742 wallets currently hold at least 1 million XRP. These wallets now hold over 47 billion XRP in total, pointing to strong confidence from large holders. The recent push also comes as Bitcoin reached a new record high above $120,000 on July 14, helping lift market sentiment across the board.

On the technical side, XRP is attempting to break past the psychological $3 resistance with strong upward momentum. Prices are riding the upper Bollinger Band and holding well above the 20-day simple moving average, which currently sits around $2.85. Although the asset is overbought, as indicated by the relative strength index at 83, the momentum and MACD indicators still point to further upside. The price is trading well above all of the major moving averages, including the 200-day EMA ($2.14) and the 10-day EMA ($2.60), indicating a strong upward trend that has steepened in recent sessions.

In the short term, XRP may unlock more upside toward the $3.50–$4.20 range if it breaks above $3 with volume confirmation and posts a weekly close above that level. Catalysts from ETFs and regulations may help maintain momentum. A longer-term path toward $6, as projected by analysts, could be possible in the long term. However, profit-taking may occur if the price fails to hold above $3 or if it is rejected close to that level, particularly if there is a decline in volume. Stronger demand may reappear close to the $2.35–$2.45 region, where several moving averages are clustered. Initial support is located around $2.60, aligning with the 10-day EMA.

The momentum behind XRP's rise is multifaceted. Whale accumulation, where large investors buy significant amounts of the cryptocurrency, has been a driving force. This accumulation often signals confidence in the asset's future performance and can lead to increased demand and price appreciation. Additionally, the overall bullish sentiment in the cryptocurrency market, fueled by Bitcoin's recent rally, has created a favorable environment for altcoins like XRP to gain traction.

The potential for XRP to reach $6, as forecasted by analysts, hinges on several factors. Firstly, the continued accumulation by whales and the overall bullish market sentiment will be crucial. Secondly, the technical patterns and indicators will need to hold, providing the necessary support for the price to sustain its upward trajectory. Lastly, any positive developments in the regulatory environment or increased adoption of XRP by financial institutions could further boost its value.

In summary, XRP's impending breach of the $3 mark represents a significant milestone for the cryptocurrency. With growing whale accumulation, bullish market sentiment, and favorable technical patterns, analysts are optimistic about its potential to reach $6. However, it is important to note that the cryptocurrency market is highly volatile, and future price movements will depend on a variety of factors.