00:00

The XRP/USD pair has soared to its greatest point in recent memory in a flurry of enthusiasm, reaching a remarkable $0.93 in less than 24 hours. This spike heralds XRP’s triumphant return, harkening back to its glory days in December 2021, and brings the elusive $1 milestone tantalizingly close.

What is the driving cause behind this extraordinary price increase? A federal court recently issued a landmark decision affirming the compliance of XRP sales on cryptocurrency exchanges with US securities regulations. This validation sparked excitement throughout the XRP community, lighting a flame of hope and laying the groundwork for the upcoming rally.

However, this rise is far more intriguing than a simple reaction to good news. A careful examination reveals the involvement of key actors who have staged this rally with precision and purpose. The synergy between XRP’s surging price and a spectacular 10-month high in trade volumes cannot be overlooked. The whales have come, according to the signals.

During this thrilling run, these xrp whales, who wield enormous power in the crypto industry, have been collecting XRP rather than selling their holdings. Their actions speak loudly, indicating a savvy strategy to position oneself for even greater gains in the future. It’s not just the xrp whales—entities with large balances of 100,000 to 10 million XRP tokens have seen a surge in supply, further supporting the perception of an oversupply.

But, as the phrase goes, not everything that glitters is gold. While the XRP price approaches the coveted $1 milestone, the technical outlook raises doubt on the rally’s long-term viability. The latest loss on July 14 served as a harsh warning of the difficulties ahead. A severe resistance combination produced by a long-term horizontal trendline and a descending trendline ceiling acted as a stumbling block, resulting in a brief pullback.

Furthermore, the weekly relative strength index (RSI) for XRP has entered an overbought zone, suggesting the possibility of a correction. Prepare for a storm because one is on the way. If a pullback occurs, the XRP price might fall to its rising trendline support, $0.45, by September—a 55% drop from the current level.

Xrp image and stock chart behind

But not everything is lost. As the overbought RSI signals the potential for a consolidation phase within the alluring $0.75-$1 area, the plot takes a new turn. If XRP is able to surpass the $1 mark, its next objective, which is expected to occur in September, is located around $1.35. This is a well-known resistance level that brings to mind the glories of the period from August to December 2021.

So, my dear readers, buckle up and hold on tightly. As the xrp whales assemble, XRP soars to new heights. Will it win over the $1 summit and advance victoriously towards even higher peaks? Or will the obstacles prove to be too great, requiring a retreat? We’ll have to wait and see, but this whale-fueled rally is certain to keep us on the edge of our seats as we impatiently await the next installment in XRP’s captivating story.