XRP News Today: XRP Surges 33% in Week, Hits $3.03 Amid Bullish Sentiment

XRP, the cryptocurrency associated with Ripple, has recently experienced a significant rally, reaching just above the $3 mark for the first time in five months. This surge has sparked optimism among analysts and traders, who believe that a confirmed breakout above $3 could pave the way for new all-time highs. The $3 level is seen as a critical inflection point for XRP, as historical data shows that the token has struggled to maintain momentum beyond this price.

XRP's recent rally began on July 8, with the price jumping by nearly 33% in less than a week. The momentum peaked on Monday when XRP touched $3.03, but faced resistance at this psychological level. By Tuesday, XRP had dropped about 7.6%, hitting an intraday low of $2.80. This pattern of resistance at the $3 mark has been observed previously, with XRP falling 46% in the weeks following a similar peak in March. By the end of April, XRP was trading at a bottom of $1.61, reinforcing the significance of the $3 level as a major inflection point.

According to Crypto analyst CasiTrades, flipping the $3 price level into support is crucial for XRP to gain higher ground. The $3 level aligns with the 0.118 Fibonacci retracement level from $3.40, which represents XRP’s current all-time high. Once XRP convincingly clears $3 and confirms it as a support level through a retest, the price could quickly run toward $3.40 and even higher. Other market players share this sentiment, believing that a breakout past $3.40 could trigger a fast rally, taking XRP into price discovery mode.

Data from CoinGlass highlights interesting trends for the Ripple token. The Binance XRP/USDT liquidation heatmap shows a dense concentration of leveraged positions just above $3.04. These clusters act as liquidity magnets, where price moves tend to occur due to the forced closure of short positions. If XRP breaks past $3.04, it could trigger a liquidation squeeze, driving the price quickly towards the next liquidity zone around $3.14. With only a few obstacles beyond this point, XRP could be on a path towards $3.40 or possibly even higher.

Derivatives data also supports a bullish outlook. The aggregate futures open interest (OI) for XRP has surged to $8.11 billion, up 121% since June 23. This brings the cryptocurrency within striking distance of the all-time OI peak of $8.33 billion from January. The increase in leveraged positions indicates rising trader interest and strong confidence in the current trend. Additionally, on-chain data from Santiment shows a sharp upswing in whale accumulation for the token. The number of wallets holding over 1 million XRP hit a new record of 2,743 on Friday, indicating that large holders are positioning themselves for an incoming surge towards $4 or even higher.

In summary, XRP's recent rally and the significance of the $3 level as a critical inflection point have sparked optimism among analysts and traders. The combination of whale accumulation, rising futures open interest, and liquidation heatmaps suggests a bullish continuation for XRP. If the token can flip $3 into support and maintain upward momentum, it could unlock a path to $3.40 and potentially new all-time highs. Support at $2.65 and EMA levels offer great zones to watch in case of a pullback, providing additional levels of support for the token's upward trajectory.