XRP, the cryptocurrency linked with Ripple, has experienced a significant price surge to $0.60, fueled by increased accumulation by large investors. On-chain data and market trends point towards a potential further uptrend, with analysts eyeing a revisit of $0.63 and even a breakthrough to $0.72.
XRP, the cryptocurrency linked with Ripple, has seen a marked price increase recently, reaching $0.60, a 36.45% rise over the past week. This surge is largely attributed to the growing accumulation of XRP by large investors known as whales and sharks, who now control 85% of the total supply, the highest in 11 months.
On-chain data from Santiment revealed increased holdings in addresses containing over 100,000 XRP, creating significant buying pressure. This cohort’s activity suggests that continued accumulation could drive XRP’s price higher, potentially revisiting $0.63 or beyond.
Further supporting this price movement is the upcoming launch of XRP’s reference rates and real-time indices on July 29, which provide clear pricing data for the assets involved, though they are not tradable futures products.
In the crypto derivatives market, XRP’s Open Interest (OI) has surged to $233.85 million, the highest since April 12, indicating heightened speculative activity and liquidity in the market. If this trend persists, it could further bolster XRP’s price.
Additionally, there has been a notable increase in the 90-day Mean Dollar Invested Age (MDIA), implying that previously stagnant coins are being put back into circulation. Historically, such movements have correlated with price increases.
Given these factors, XRP’s price could potentially continue its upward trajectory, possibly reaching $0.63, with some analysts suggesting it might even attempt to surpass $0.72, a level last seen in March.
