After experiencing sluggish growth for a couple of years due to Ripple’s legal battle with the United States Securities and Exchange Commission (SEC), XRP has found its right footing thanks to a soaring trading volume.
Market analyst InvestingHaven acknowledged, “XRP trading volume has jumped above $1.3B, reflecting strong market interest and whale activity. With derivatives volume also rising, major price moves could be ahead.”
The analyst added that the soaring volume was bullish since it signaled an imminent breakout that could see XRP hit the psychological price of $1.
Therefore, as Javon Marks pointed out, an XRP breakout seems to be a matter of when not if.
The leading on-chain analyst stated, “XRP has attempted a bullish breakout about 6 times or more since late July 2024 and with signals pointing towards a return back above $2-3, a holding and sustained breakout may be a matter of time and closer than many think.”
Is XRP’s Bull Run on the Horizon?
With whales on an XRP buying spree, the seventh-largest cryptocurrency has been witnessing an uptick.
XRP was up by 5.3% in the past week to hit $0.6153 at the time of writing, according to CoinGecko data. InvestingHaven believes that heightened whale accumulation means that XRP’s uptrend is strong.
Furthermore, XRP’s price explosion is in the cards, given that Grayscale, the world’s largest asset manager has revealed plans to launch the first XRP Trust on American soil, setting the stage for the roll out of an XRP exchange-traded fund (ETF).
