XRP price targets a 15% rally to $2.60 as whale buying, rising open interest, and RLUSD growth fuel bullish momentum. Now at $2.26.
Today, July 8, the price of XRP is trading at $2.26, up 0.1% over the previous day, with daily trading volumes exceeding $4.73 billion.
Although the slow performance is similar to that of the entire cryptocurrency market, four indicators have surfaced that point to the possibility that the price of Ripple could soon stand out and rise to $2.60.
Why XRP Price May Hit $2.60
There are several indications that XRP price is poised for a significant upswing and may soon hit the multi-month high of $2.60.
Among these indicators are:
- A looming bullish breakout from an ascending triangle pattern
- Surging open interest
- Whales are aggressively buying XRP tokens
- Ripple’s pursuit of a banking license and RLUSD growth
Bullish Triangle Pattern: 15% Rally
XRP price has formed an ascending triangle pattern, which frequently signals that if buying activity increases, the price is ready to break out to the upside.
With a string of higher lows and a strong resistance line, this pattern suggests that although sell-side activity declines, purchasers are still not persuaded.
The price of Ripple may rise 15.31% to $2.64 if it can break out over the resistance level of $2.29 and then retest it as a strong support level.
The RSI must maintain a value above 50 and refrain from falling below this mean level to fulfill this bullish prediction.
Given that the ADX line is rising to indicate that the bullish momentum is strong and XRP price may break through this resistance level and above $2.60, this could be feasible.
Ahead Of Senate Testimony Of Ripple’s CEO, Open Interest Rises
The fact that XRP’s open interest has grown so much in recent days indicates that most traders who engage in speculative trading have returned to the market.
XRP’s open interest increased from $3.54 billion to $4.9 billion in less than two weeks, according to Coinglass data.
The fact that the funding rate is positive indicates that traders initiating positions are longs who anticipate that the price of XRP will rise even higher.
Brad Garlinghouse, the CEO of Ripple, is scheduled to testify before the US Congress, which might be the reason for this.
Garlinghouse is scheduled to speak on July 9 regarding the CLARITY Act, which aims to improve regulatory clarity in the US cryptocurrency sector, as CoinGape reported.
The price of Ripple may rise to $2.60 due to this significant event.
Whales Are Betting On Price Gains Of XRP
The rise in the quantity of tokens these big addresses purchase indicates that whales are betting that the price of XRP will rise.
Those with 100 million to 1 billion coins are among the demographics actively purchasing; their holdings have increased from 7.6 billion to 8.59 billion.
However, in the past two weeks, the whales with 100,000–1,000,000 coins have purchased 30 million, suggesting that these addresses are in an accumulation phase.
With the technological mechanism described above enabling the $2.60 aim, the price of Ripple may rise as these addresses raise their demand for this asset.
RLUSD Growth & Ripple’s Banking License
The price of XRP saw minor increases due to Ripple’s application for a banking license last week.
The community is anxious to see if this license will be approved, and if it is, there could be significant price increases for XRP.
The rise of the RLUSD stablecoin indicates that a rally is feasible.
Following an 800% increase in the stablecoin’s market capitalization this year as it approaches $1 billion, a new CoinGape analysis pointed out that RLUSD’s expansion would propel XRP gains.
In conclusion, the price of XRP may rise, and the ascending triangle is the first indication that a rise to $2.60 is imminent.
Other contributing elements, such as the growing open interest and whale activity, may also influence the recovery.
