The XRP token has exhibited solid bullish sentiment in the past week as its price stabilized above the $0.60 zone. This marks a gain of 15% in the last 24 hours and a 40% spike in the weekly chart. According to reports, this positive price action is attributed to emerging whispers regarding an SEC vs. Ripple case settlement set to occur tomorrow.
Santiment, an on-chain analytics platform, adds that this optimism was reinforced by the increasing number of whale XRP holders, who own more than 100,000 coins. The platform further noted in a tweet that “a noticeable turning point in supply accumulation began last August.”
🐳📈 XRP has now climbed above $0.58 for the first time since the market-wide retrace back on April 12th. This rebound is supported by climbing levels of coin hodling from whales and sharks with 100K+ XRP coins. A noticable turning point in supply accumulation began last August. pic.twitter.com/nBNsAfnoiw
— Santiment (@santimentfeed) July 16, 2024
The broader market excitement surrounding the forthcoming Ethereum ETF and the overall positive sentiment in the crypto space has also contributed to XRP’s price rally. As a result, XRP’s market cap has surged to $34.587 billion, positioning it in the sixth spot in the crypto rankings.
XRP to Retest $0.66 Barrier; Will History Repeat?
Following this optimism, the XRP price rebounded from a two-week low of $0.40 and is closely approaching the bearish trendline at the $0.66 level. Historically, this trendline has occasionally proved formidable, with XRP prices dipping below it after several attempts to break above it.
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Should history repeat itself, the XRP token could exhibit a pullback toward $0.51 to find support before attempting another breakout. Supposing this support does not hold, XRP may face further downside pressure and test the $0.38 support by the end of July.
However, should XRP successfully break through this resistance, the asset price could surge, potentially challenging the next barrier at $0.74 by the end of next week. A breach above this hurdle could witness XRP prices spike toward the $0.94 level, possibly reaching a high of $1.21, as noted in our CryptoNewsZ XRP prediction.
XRP RSI Points to Continued Uptrend
From a technical standpoint, the RSI is ascending, advancing toward the overbought region. Positioned at 59.39, the RSI signals ample space for an uptrend to persist in the short term before overbought levels are attained.
If this move occurs, experts estimate it could fuel XRP’s upward momentum, potentially breaking above the $0.66 guardrail. Moreover, as historical data illustrates, should the RSI hold in the overbought region, XRP could reach new peaks in the coming weeks.
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