Ripple saw a double-digit increase recently, but its sustainability will be determined by traders that dominate the volume.
- XRP has remained in the $0.5 price zone. The trade volume increased by over 30% to over $2 billion.
Ripple’s XRP experienced one of its most stable periods over the past few weeks, culminating in a strong performance that positioned it among the top gainers for the week.
Its most significant surge occurred just as the week was concluding, with the cryptocurrency enjoying a double-digit uptrend. This late-week surge contributed significantly to its overall weekly gains.
Ripple features among top gainers
According to CoinMarketCap data, Ripple (XRP) emerged as the fifth-largest gainer last week, recording a substantial gain of over 21%.
Notably, among the top ten cryptocurrencies by market capitalization, XRP showcased the highest percentage gain over the past seven days.
As of this writing, XRP holds the position of the seventh-largest cryptocurrency with a market capitalization of over $29 billion, which has increased by over 3% in the last 24 hours.
Additionally, its trading volume has surged significantly, with a 30% increase in the last 24 hours, totaling over $2.6 billion.
Ripple sees consecutive uptrends
Analysis of Ripple on a daily timeframe revealed that it started the week with a notable decline, dropping over 6% from around $0.44 to $0.41.
However, the cryptocurrency quickly rebounded, registering a 2.7% increase the following day and continuing on an upward trajectory after that.
The most significant surge occurred on 13th July, when XRP experienced an impressive 10.9% increase, elevating its price from approximately $0.47 to $0.52.
Source: TradingView
As of this writing, XRP was trading with an increase of over 1%, with its price now around $0.53. This ongoing uptrend is also reflected in the Relative Strength Index (RSI), which is now close to 70, indicating that XRP is in a strong bullish trend.
The RSI nearing 70 also suggests that XRP might be entering an oversold zone, typically a cautionary signal for potential buyers.
Nevertheless, the strong convergence between volume and price trends indicates that this bullish momentum may be sustainable for some time.
XRP sees record short-squeeze
The nearly 11% surge that Ripple (XRP) experienced on 13th July marked its largest single-day increase in over three months. This significant jump had a pronounced effect on the market, particularly in terms of liquidations.
Data from Coinglass revealed that the liquidation volume on that day exceeded $9 million, the highest observed in nearly three months.
Source: Coinglass
Additionally, the breakdown of this liquidation volume showed that short positions bore the brunt of the impact. Approximately $7 million of the liquidation volume came from short positions, while long positions accounted for over $2 million.
Read Ripple (XRP) Price Prediction 2024-25
This indicated a major short-squeeze event, where traders who bet against XRP found their positions forcibly closed due to the rapid price increase.
According to the analysis, it was the largest short squeeze of the year for XRP.
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