- XRP hits $2.97 before rejection at key resistance level.
- Whale wallets surge as ETF speculation boosts investor confidence.
- Short squeeze and bullish momentum continue driving XRP price higher.
XRP surged past $2.80 this week, briefly touching $2.97 before pulling back from a key resistance zone. The surge came as large holders continued aggressive accumulation and speculation around an XRP ETF gained momentum across the market.
Popular market analyst @Shawnmark7899, known as XRPunkie, previously pointed to the $2.70–$2.90 range as a critical zone for XRP. He noted that the asset’s recent rejection from the 0.786 Fibonacci level at $2.90 may lead to a short-term stall before a more decisive breakout. According to him, once that range is cleared decisively, XRP could enter a complete trend reversal with targets between $10 and $15.
On-chain data from Santiment shows that whale wallets holding over 1 million XRP have reached a new all-time high of 2,743. These wallets now hold over 47.3 billion XRP, indicating strong confidence from large-scale investors. This whale accumulation has contributed significantly to the recent price explosion.
At the same time, over $31.4 million in XRP short positions were liquidated in the past 24 hours. This massive short squeeze added further buying pressure as XRP’s open interest jumped to $7.2 billion, the highest in more than six months.
Also Read: Banks Could Roll Out XRP-Powered Payment Systems in Just Weeks, Experts Say
ETF Anticipation and Market Momentum Push XRP Higher
The growing buzz around a potential XRP ETF has added fuel to the ongoing rally. The U.S. Securities and Exchange Commission has fast-tracked ETF processing, with a futures-based XRP ETF set to go between July 14 and 25. Nevertheless, the most expected innovation among traders is the spot ETF.
It is also driven by overall bullish market forces, with Bitcoin currently priced at $118,000 and Ethereum recording a 17.5 percent increase this week. XRP has also become one of the most successful altcoins in a situation of spreading interest in the major key assets.
According to analysts, if the XRP consolidates above $2.60 and rises to a higher level at $2.65, there might be a second attempt to reach $2.90 and rise to $3. Since the RSI is at 66, momentum is high but not unwarrantedly high.
Whale activity, short liquidations, and growing ETF optimism are driving XRP’s rally above $2.80. Market signals suggest further gains are possible.
Also Read: Hacker Returns $10M in Stolen Crypto But Keeps $3M ETH Profit for Now
