XRP Bulls Charge Toward $3.00 as Ripple’s Fundamentals Hit Overdrive
Ripple's native token revs up for a potential moonshot as market conditions align.
Subheading: The $3.00 Horizon - More Than Just Hopium?
XRP's price action shows telltale signs of a major breakout pattern. Trading volumes spike as institutional interest returns—apparently Wall Street finally learned how to spell 'blockchain.'
Subheading: Regulatory Winds Shift in Ripple's Favor
With key legal battles turning in XRP's favor, the token shrugs off its 'security' label like a bad meme. Market sentiment flips bullish as traders bet on clearer regulatory skies ahead.
Closing Thought: While the crypto casino keeps spinning, XRP's fundamentals suggest this rally might actually have legs—unlike your neighbor's 'can't miss' NFT project.
XRP bulls tighten grip amid steady fundamentals
The number of addresses on the XRP Ledger (XRP) has progressively increased over the past two years. According to Glassnode, addresses on the protocol currently average 7.3 million compared to 6.3 million on January 1 and 5.7 million on July 10, 2024.
A surge in the Number of Addresses metric indicates increased participation from both retail and institutional investors. As network usage increases with more transactions, there is a corresponding upswing in trading fees and interactions on the XRP Ledger.
Number of Addresses metric | Glassnode
The derivatives market paints a clear picture of the rising interest in XRP, particularly with the futures Open Interest (OI) steadily rising to $5.56 billion from $3.54 billion, posted on June 23.
XRP futures Open Interest | Source: Coinglass
A subsequent increase in the trading volume by nearly 30% to approximately $9 billion signals heightened market activity. In other words, traders are betting more on future price increases than XRP declining.
Liquidations surged in the past 24 hours, reaching $10 million, with short positions accounting for the lion’s share at $8 million. The long-to-short ratio also ticked up, averaging 0.9904 at the time of writing, which emphasizes a bullish bias.
XRP derivatives market data | Source| CoinGlass
Technical outlook: XRP offers bullish signals
XRP price flaunts a robust technical structure backed by growing institutional and retail interest. Bulls appear to have the upper hand, with a buy signal from the Moving Average Convergence Divergence (MACD) steadying risk-on sentiment.
The MACD indicator has maintained the buy signal since Sunday (see the 8-hour chart below), with the green histogram bars indicating bullish momentum. With a breakout from the inverse H&S pattern confirmed, XRP could extend the uptrend to $2.76 and significantly close the gap to the round-figure resistance at $3.00.
XRP/ISDT 8-hour chart
A Golden Cross pattern, established when the 50-period Exponential Moving Average (EMA) crossed above the 200-period EMA on Wednesday, backs the bullish structure.
Traders should also look for a break and close above the immediate resistance at $2.46 to ascertain the strength of the uptrend. On the contrary, potential profit-taking and the possibility of market dynamics changing, especially with tariff uncertainty in the US, could lead to a pullback.
Key areas likely to serve as support lie at the 50-period EMA ($2.25) and the confluence formed by the converging 100-period EMA and 200-period EMA at $2.23.
Ripple FAQs
What is Ripple?
Ripple is a payments company that specializes in cross-border remittance. The company does this by leveraging blockchain technology. RippleNet is a network used for payments transfer created by Ripple Labs Inc. and is open to financial institutions worldwide. The company also leverages the XRP token.
What is XRP?
XRP is the native token of the decentralized blockchain XRPLedger. The token is used by Ripple Labs to facilitate transactions on the XRPLedger, helping financial institutions transfer value in a borderless manner. XRP therefore facilitates trustless and instant payments on the XRPLedger chain, helping financial firms save on the cost of transacting worldwide.
What is XRPL?
XRPLedger is based on a distributed ledger technology and the blockchain using XRP to power transactions. The ledger is different from other blockchains as it has a built-in inflammatory protocol that helps fight spam and distributed denial-of-service (DDOS) attacks. The XRPL is maintained by a peer-to-peer network known as the global XRP Ledger community.
What blockchain technology does XRP use?
XRP uses the interledger standard. This is a blockchain protocol that aids payments across different networks. For instance, XRP’s blockchain can connect the ledgers of two or more banks. This effectively removes intermediaries and the need for centralization in the system. XRP acts as the native token of the XRPLedger blockchain engineered by Jed McCaleb, Arthur Britto and David Schwartz.
