XRP Price Surge: Whale Activity Fuels Ripple's Rise to $3 Target
XRP experienced a significant rally, climbing 8% from $2.58 to $2.78 between July 11th and 12th, peaking at $2.96 before a slight retracement.
Key Drivers of the Rally
A substantial $14.03 million leveraged long position was opened on Hyperliquid at $2.30, indicating aggressive whale investment. This surge is attributed to increased whale wallet activity and a breakout from an ascending triangle formation.
Analyst Targets
Analysts are now targeting $2.90-$3.40 as the next resistance level, encouraged by bullish market structure and capital inflows. Trading volumes were exceptionally high, particularly between 13:00 and 15:00, with consistent buyer support around the $2.70-$2.75 range.
Technical Outlook
Technical analysis points to a potential accelerated upside if the $2.90-$3.40 resistance zone is breached. Traders are closely monitoring if XRP can establish a new base above $2.80-$2.85 and how it reacts to the $2.90 level. Failure to hold above $2.70 could lead to a pullback towards $2.58-$2.60.
Market Watch
- Key Resistance: $2.90 - $3.40
- Support Zone: $2.70 - $2.75
- Potential Pullback: Below $2.70 to $2.58 - $2.60