XRP, the sixth-largest cryptocurrency by market capitalization, has seen a 40% weekly increase. The XRP price has charged higher since hitting major support at $0.381 on July 5.
Notably, XRP has marked eight out of nine days in green, recording sharp price increases in the last 48 hours. According to on-chain analytics firm Santiment, XRP has now climbed above the $0.58 barrier for the first time since the marketwide retrace back on April 12, reaching a 15-week high.
Santiment highlighted that this rebound is supported by increasing accumulation from whales and sharks, with 100,000 XRP coins. Santiment observed a noticeable turning point in supply accumulation since last August.
XRP wallets holding over 100,000 tokens now hold 51.59 billion XRP, representing a new all-time high. The aforementioned category of XRP holders currently holds 85% of the total supply, an 11-month high.
card
Technically, XRP's bullish run has been further validated by the formation of a golden cross on the four-hour chart, a technical indicator that often signals the potential for continued upward momentum.
XRP has completed a golden cross on its four-hour price chart, which occurs when a shorter-term moving average, such as the daily SMA 50, crosses above a longer-term moving average, such as the daily SMA 200.
Key XRP levels to watch
The emergence of the golden cross on the four-hour chart remains significant for XRP. Traders often view this pattern as an indication that the asset's price could continue to rise.
XRP/USD 4-Hour Chart, Courtesy: TradingView
At the time of writing, XRP was outperforming the top 10 cryptocurrencies by market capitalization, up 15% in the last 24 hours to $0.612 after hitting intraday highs of $0.6234.
card
Amid the ongoing bullish run, investors and traders are closely watching key support and resistance levels to gauge the sustainability of XRP's upward momentum.
XRP seems to have established strong support at the $0.381 and $0.403 levels. As long as the XRP price remains above these levels, the bullish trend is likely to persist. Resistance is envisaged at the $0.66 and $0.78 levels. If XRP can break through these levels, it may pave the way for a move to $1.
