XRP is once again in the spotlight after climbing to an intraday peak of $2.46, its highest level in weeks, following a steady 2.6% gain during the July 9–10 trading session. The move was fueled by increased institutional interest, growing momentum for regulatory clarity, and surging trading volume.
Breakout Momentum Fueled by Volume Surge
The price of XRP rose from $2.38 to $2.44 within a 23-hour period, with a key breakout occurring at 07:00 UTC on July 10. At that moment, trading volume jumped to 78.3 million XRP, helping the price break above the critical $2.43 resistance level.
XRP hit an intraday high of $2.46, but upward momentum stalled as profit-taking kicked in near the top. The price dipped slightly in the final trading hour, falling 0.73% from $2.45 to $2.44. The session’s volatility was measured at 3.85%, with a trading range of $0.092 between the $2.351 floor and the $2.443 ceiling.
Institutional Accumulation Reaches All-Time High
A major factor behind XRP’s recent rally is a surge in institutional accumulation. According to on-chain data, 2,743 wallets now hold over 1 million XRP each, accounting for a staggering 47.32 billion XRP in total. This trend suggests growing confidence among large holders amid evolving market conditions.
The spike in demand coincides with a notable 74% increase in daily trading volume, which reached $4.54 billion on July 10. This increase in liquidity supports the thesis that institutional buyers are becoming more active in the XRP market, especially ahead of potential regulatory developments.
Regulatory Advocacy Adds to Bullish Sentiment
Further boosting market sentiment, Ripple CEO Brad Garlinghouse recently appeared before the U.S. Senate Banking Committee, urging lawmakers to establish clear and comprehensive crypto regulations. Garlinghouse emphasized XRP’s compliance in over 60 global jurisdictions, reinforcing the token’s position as a regulatory-friendly digital asset.
This development has been interpreted as a positive catalyst by investors seeking clarity in the U.S. crypto landscape.
What to Watch Next
While the $2.46 mark acted as short-term resistance, a confirmed breakout above that level could open the door to a move toward the next psychological target near $2.60. Traders are advised to watch for sustained volume and confirmation above $2.46 before anticipating further upside.
The combination of strong institutional backing, technical breakout attempts, and regulatory momentum continues to place XRP among the most closely watched assets in the digital currency space.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.