XRP News Today: XRP Surges 7.97% Weekly, Reaches 7-Week High at $2.35

XRP, the cryptocurrency associated with Ripple, has recently surged to a 7-week high, reaching $2.35. This upward momentum was driven by a 4.5% increase in its value between July 7 and 8, with the price stabilizing near $2.26. The rally was notable for its higher-than-usual market interest. A key resistance zone has formed between $2.33 and $2.38, which traders are closely monitoring for a potential breakout.

The surge in XRP's price can be attributed to several factors, including institutional interest and bullish market sentiment. Legal developments, though not explicitly announced, have also contributed to the positive outlook. Experts suggest that both parties involved in the legal proceedings could soon reach a resolution, further boosting investor confidence.

The price of XRP has shown consistent growth, increasing by 0.18% in the last hour, 3.41% in the past 24 hours, and 7.97% over the past week. This performance has outperformed the broader market, highlighting XRP's resilience and potential for further gains. The cryptocurrency's ability to maintain its momentum near the 7-week high suggests that it may continue to climb, especially if it breaks through the resistance zone between $2.33 and $2.38.

One of the possible reasons behind the price pumps in the past few hours could be linked to US President Trump’s call for a massive interest rate cut by the Federal Reserve. After all, riskier assets like crypto should benefit from such a monetary move. XRP is among the top performers on a daily scale, climbing by nearly 4% and reaching the aforementioned seven-week peak. Moreover, the fourth-largest cryptocurrency has gained over 25% since its monthly bottom at the end of June at $1.9 during the Israel-Iran war.

According to data shared by Santiment, Ripple’s price pump could also be attributed to large investors accumulating substantial portions of its supply. In fact, the number of wallets holding at least a million XRP reached a new all-time high yesterday at 2,743. Today, the number is just shy of that peak. The analytics platform believes this shows growing confidence in XRP’s future. Additionally, smaller (retail) investors could follow suit by seeing this accumulation pattern by the so-called ‘smart money,’ which might result in further gains for Ripple’s token.

The XRP Army has certainly been vocal about its bullish belief in the asset’s price trajectory, and some analysts have indicated that reclaiming the $2.38 resistance could result in a quick 12% surge to $2.60. The recent rally in XRP's price has been driven by a combination of technical factors and market sentiment. The cryptocurrency's ability to maintain its momentum near the 7-week high suggests that it may continue to climb, especially if it breaks through the resistance zone between $2.33 and $2.38. Institutional interest and legal developments have also contributed to the positive outlook, further boosting investor confidence. As XRP continues to gain traction, it remains a key player in the cryptocurrency market, with the potential for significant gains in the coming years.