- XRP futures break records as price slips below key level.
- Whale wallets grow steadily despite XRP’s sharp price correction.
- CME reports record XRP futures volume amid rising institutional interest.
XRP futures traded on the Chicago Mercantile Exchange have surpassed $1.6 billion in total notional volume since their May debut. The surge in futures activity comes as XRP’s spot price dropped below the $3 mark, following a sharp rally the previous week.
July 11 saw the largest volume single-day of XRP futures on CME, with notional trades of $235 million and an excess of 9,100 contracts trading hands. This volume is over 82 million XRP, and it also includes the record participation of Micro XRP futures.
The decline in XRP price came after a 27 percent gain last week, triggered by the rise briefly to a value of more than $3. A series of selling following resistance levels of $3.00 and $3.02 got short-term traders to close positions with profits.
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XRP trades at approximately $2.86, in a significant support area between $2.60 and $2.80.
Accompanying the recent decline, spot transactions and open interest surged to six-month highs before easing.
According to on-chain statistics, the number of wallets holding more than one million XRP has increased to 2,743, holding more than 47 billion coins at present. These large buyers have continued to hoard even when prices react.
Whale Accumulation Signals Confidence Despite Short-Term Price Drop
Analysts remain divided on XRP’s next move, with Ali Martinez suggesting that a weekly close above $3 could lead to a breakout toward $4.80.
Long-time trader Peter Brandt has estimated a possible 60 percent move in case XRP manages to break the prevailing resistance and set the price at around $4.47.
Secondly, the founder of Black Swan Capitalist, Versan Aljarrah, indicated that it might have been influenced by institutions behind the rejection at $3.
He mentioned that XRP can be used as a cross-border payment methodology, and it can be asserted that it can threaten the traditional system and result in a backlash against legacy institutions.
On CME, XRP futures have exploded with a trade volume of more than 1.6 billion.
Meanwhile, the spot market faces downward pressure after failing to hold above a key resistance level, but accumulation by large holders signals confidence in long-term upside.
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