XRP News Today: XRP Surges 6% as Whale Accumulation and Technical Breakout Drive Price

XRP, the cryptocurrency associated with Ripple, experienced a significant price surge on July 10-11, climbing 6% from $2.42 to $2.57. This move marked a breakout from a multi-week descending wedge pattern that had been constraining price action. The surge was accompanied by a substantial increase in trading volume, reaching 219.30 million tokens compared to the 24-hour average of just 81.85 million, indicating a 168% increase in volume and confirming the technical breakout.

The price jump occurred at 21:00 UTC on July 10, with XRP moving from $2.50 to $2.56 in a single hourly candle. This rapid movement established fresh support at $2.53, and the cryptocurrency has since been consolidating above $2.54. The breakout from the descending wedge pattern is technically significant, as this chart formation historically precedes larger price movements when confirmed by strong volume.

Institutional interest in XRP has been growing, with whale wallets containing over 1 million XRP now holding a total of 47.32 billion tokens. This accumulation by large holders suggests that institutional investors are positioning for further price appreciation. Additionally, market sentiment improved after Ripple’s RLUSD stablecoin surpassed $500 million in market capitalization earlier this week, demonstrating growing adoption of the XRP ecosystem. Traders are also pricing in favorable regulatory developments for Ripple in various jurisdictions, contributing to renewed institutional participation in XRP markets.

Technical indicators support the bullish momentum. XRP formed a bullish trend line with support at $2.50 on hourly charts and is currently trading above both this trend line and the 100-hour simple moving average. The MACD indicator has moved into bullish territory, while the RSI sits above 50, further supporting the case for continued upward movement. Initial resistance emerged at $2.56, which capped the rally during Asian trading hours. The next major resistance levels sit at $2.60 and $2.62. A clear break above $2.60 could open the path toward the $2.70-$2.90 zone, with some analysts projecting targets as high as $5.00 if bullish momentum continues.

The final hour of July 11 trading showed some profit-taking activity, with XRP dipping 0.35% from $2.58 to $2.57, forming a descending channel with lower highs. Volume spiked to 4.10 million tokens at 03:25 UTC, suggesting possible institutional distribution. This late-session pullback indicates near-term cooling after the sharp rally. Key support levels to watch include $2.53 and $2.50. A breakdown below $2.50 would invalidate the current bullish structure and could lead to a test of $2.45 or $2.40.

The combination of technical breakout, whale accumulation, and improving fundamentals creates a compelling setup for XRP. The growth of the RLUSD stablecoin adds another layer of ecosystem development supporting long-term value. Overall, the recent price surge and institutional interest suggest a positive outlook for XRP, with potential for further gains if the bullish momentum continues.