- XRP surged nearly 12% in one day, closing at $2.85 and briefly touching $2.97.
- Price broke above $2.60 resistance with RSI at 81.05 and strong momentum above all major EMAs.
- Derivatives open interest hit $7.2 billion as spot volume soared to $10.84 billion.
- Whale accumulation and ETF speculation are fueling optimism for a breakout above $3.
XRP is back in the limelight as it surges almost 12% in a day, closing at $2.85 and touching a high of $2.97 momentarily. The surge places the token near the $3 mark, last witnessed in early 2018. With a market cap now exceeding $170 billion, the token has re-entered the top 4 cryptocurrencies, which spells a significant comeback in the process.
$3 Breakout Could Lead to $3.75
Technically, the token has breached above its major resistance at about $2.60 and is currently trading above the higher Bollinger Band, which reinforces strong momentum. The Relative Strength Index (RSI) has shot up to 81.05, reflecting overbought circumstances, while the MACD reveals a developing bullish crossover.
Price action is holding above all major EMAs, 20, 50, 100, and 200, which reinforces the strength of this breakout. A move above $3 could open the door to targets at $3.30 and $3.75.
Also Read: Ripple Strikes Landmark $500M Custody Agreement with BNY Mellon for RLUSD
XRP Sees Derivatives Spike, Whale Activity, and ETF Buzz
XRP demonstrates strong indications of fresh momentum. Open interest has spiked to $7.2 billion, as per Coinglass, indicating increasing demand through the derivatives market. Spot volume has similarly spiked to a record $10.84 billion, which indicates fierce activity in the marketplace.
Meanwhile, the whales have stored over $3.8 billion of XRP, which fuels the bullish setup further. On the fundamental side, Ripple’s RLUSD stablecoin continues to gain adoption, introducing a new use case to its ecosystem.
Regulatory certainty is also increasing, as the SEC has validated that XRP isn’t a security. Speculation, meanwhile, is growing about a prospective XRP ETF, which could spring the floodgates for institutional money.
As the volumes build, the activity of whales, and the regulatory pressure abates, XRP appears closer than ever to a breakout over the $3 ceiling.
Also Read: XRP Surge: Will It Break Through $2.50 or Face a Pullback?
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
