XRP Stuck Around $3.10: Is The Rally Already Over?
Despite XRP's (CRYPTO: XRP) recent price cooldown, market commentators remain optimistic about XRP, boosted by growth in Ripple’s ecosystem.
Trader Notes: Crypto analyst Defi Edward sees XRP building strong bullish momentum even after hitting multi-year highs.
A breakout from a symmetrical triangle pattern on the daily chart targets a move toward $6, but price must hold above $3.66 to validate the breakout.
On the 4-hour chart, Edward spots a bull pennant, projecting a move to $5.80, a 67% upside from current levels.
Supporting the technical setup, on-chain data shows consistent taker buy volume, suggesting strong conviction among buyers rather than profit-taking.
Despite over 99% of wallets being in profit, there's no clear sign of distribution, which often precedes XRP's explosive vertical rallies.
Community News: Wellgistics Health has filed an SEC statement to both include XRP as a treasury reserve and implement a real-time payment system using the XRP Ledger.
The system aims to reduce transaction costs across its ecosystem of pharmacies, manufacturers, and vendors. The company also plans to use its XRP holdings as collateral for capital raising.
In Brazil, leading fund manager VERT has launched a blockchain-based private credit platform built on the XRP Ledger, aimed at boosting efficiency and transparency in the country's capital markets.
The platform could scale to handle over $500 million in structured credit operations.
A wallet linked to Ripple co-founder Chris Larsen moved around 50 million XRP tokens, worth ~$155 million, since July 17. The wallet still holds 2.28 billion XRP, valued over $7 billion, which represents 3.8% of XRP's total market cap.
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Posted-In: Cryptocurrency News
