Ripple's XRP Reaches 7-Year High, Surpassing $3 Mark

Ripple's XRP has reached a 7-year high, surpassing the $3 mark after months of quiet trading. This sudden increase has drawn market attention, with a 30% price surge. What is driving this momentum? A significant part of this movement comes from whale accumulation. Over the past two months, whales have amassed 3.8 billion XRP.

Whale drives the breakout and price increase of XRP The impressive increase of XRP is largely due to the activity of whales. Blockchain analytics company Santiment reported that whales have bought 1.43 billion tokens in just two months. This surge in demand has pushed XRP to surpass its highest level in the 2021 cycle at $3, setting the stage for an even higher increase. At the time of the media report, the price of XRP was at $3.2, which is significant. This price means that anyone who bought at the 2021 peak is now breaking even. However, the big question is whether XRP can go higher. Some analysts believe the next target could be $3.4. This would bring XRP closer to an all-time high. Main support level and potential cooling level The price increase could attract profit-taking activities. If that happens, the price may cool off before continuing to rise. The reasonable value gap—FVG, at $2.8, along with the 50-day EMA at $2.5, could support the possibility of re-entry. Using the Fibonacci retracement tool, the next price target is at $4.3. However, the daily RSI has moved into overbought territory, so the possibility of a retreat is still not out of the question. The heat map indicates a potential cooling off. It shows liquidity pockets at $2.9 and $2.8, matching FVG. These levels may act as short-term support. The positive side is that liquidity has increased to about $3.2. A short squeeze could push XRP higher, potentially surpassing previous all-time highs. Keep an eye on these important support and resistance levels as the market progresses. DYOR! #Write2Earn #TrumpCountDown $XRP {spot}(XRPUSDT)