XRP Soars to 7-Week High: Whales Fuel the Surge

XRP Rockets Past $2.39, Driven by Whale Accumulation

XRP blasted through the roof, hitting a seven-week high above $2.39 on July 10. The surge? All thanks to a spike in investor interest and a tidal wave of momentum from the big whales in the game.

Just the day before, on July 9, Santiment dropped the bombshell: XRP (XRP) smashed the $2.39 mark for the first time since May 23. And guess what? There are now a whopping 2,742 wallets stuffed with at least one million XRP, showing a huge uptick. These beastly wallets are holding onto 47.32 billion XRP, a clear sign that the big players are betting big and scooping up XRP like there's no tomorrow, right at the top of the supply chain.

🐳 XRP's market value just hit a 7-week high, soaring above $2.39 for the first time since May 23rd. Keep an eye on the rising number and collective balances of these whales with at least 1M $XRP. There are currently 2,742 wallets holding at least 1M XRP, one off from... pic.twitter.com/UPPlSWq7TD

Right now, XRP is trading at $2.42, up a solid 4% from the day before and 7% over the last week. And it's not just the price that's on fire—the trading volume exploded by 74.1% in the last 24 hours, reaching a scorching $4.54 billion.

The derivatives market is no different. Coinglass data shows XRP's volume skyrocketed by 77.68% to $9.95 billion, and open interest jumped by 10.12% to $5.62 billion. It's a clear sign that the speculators are out in full force.

Technically speaking, XRP's breakout above the $2.40 zone has the price zooming past the upper Bollinger Band, screaming strong short-term momentum. And it's not just hanging on—it's sitting pretty above all the major short- and mid-term moving averages, including the 10, 20, 50, 100, and 200-day exponential and simple averages.

The relative strength index is at 66, showing major momentum without hitting overbought territory just yet. The MACD is still expanding and in the green, a clear sign that this trend isn't looking to reverse anytime soon. The volume is right there, backing up this breakout like a boss.

The Bollinger Bands are spreading out, signaling that volatility is cranking up—a classic sign of the early stages of big price moves. But, hey, with the short-term oscillators like the stochastic RSI nearing their peaks, we can't rule out a quick breather.

Next stop? Keep your eyes peeled for $2.50, and if the bulls keep pushing, we might just see the May highs around $2.63, as long as XRP stays above the $2.40 breakout level. And with these whales steadily stacking up and trading volume on the rise, it's looking good.

But watch out—if the price dips below $2.30, it could mean the breakout was a dud, potentially sending XRP tumbling toward the 20-day moving average near $2.21. That could shake the confidence in the overall trend, especially if the volume starts to cool off.