XRP Price Jumps 10%: Strong Market Rally Breaks Through $2.90 Resistance

Figure:https://www.gate.com/trade/XRP_USDT

Against the backdrop of increasing volatility in the crypto market, XRP has become one of the most notable cryptocurrencies today. According to data from the Gate platform on July 16 at 12:00, the XRP/USDT price is $2.927, with an increase of around 10% within 24 hours. Meanwhile, the 24-hour trading volume reached 16.92M XRP, with a turnover amount close to $48.96 million, indicating strong market participation.

Technical breakthrough: Stabilize at the 2.90 dollar level

From a technical perspective, XRP launched a strong upward trend starting on July 10 after a sustained consolidation at the beginning of July. In terms of the moving average system, the short-term MA5 and MA10 show a clear upward trend, and the current price has stabilized above MA10 (2.900 USD), indicating strong bullish sentiment.

In addition, the 4-hour K-line shows that XRP briefly touched $3.035. Although there is a slight pullback currently, it remains at a high level, forming a support platform in the range of 2.85–2.90 after the pullback, and may subsequently challenge the $3.00 resistance level again.

Volume surge: Buying activity is strong

From the volume data, this round of increase is accompanied by increased volume, especially when breaking through the resistance level of 2.90 dollars, where a large amount of funds was bought, indicating an increase in market confidence. The order book shows that there is a dense accumulation of buy orders below 2.925 dollars, with buying strength far exceeding selling pressure, and market sentiment is leaning towards positive.

Is the upward trend sustainable?

Currently, XRP has been rising for several consecutive days, and in the short term, the upward trend may continue, but caution is needed regarding overheating risks. From the indicators, if XRP can maintain above the MA10 and break through the previous high of 3.035 dollars, it is expected to initiate a new round of increases.

However, attention should be paid to the following risks:

1. Does the main trend of Bitcoin align?
2. Overall sentiment change in the cryptocurrency market
3. Is there any new news on regulatory impacts?

Summary

XRP is currently experiencing strong upward momentum, expected to challenge 3.00 USD or even higher in the short term, but it is not recommended to chase the price at this time; it is advised to wait for a confirmation on a pullback before making any positions.