XRP Breaks Above $2.40 For First Time Since May: How High Can It Go?

XRP's XRP/USD has broken above $2.39 for the first time since May 23, buoyed by growing whale accumulation and bullish momentum around Ripple's ecosystem.

Market watchers now see signs of an imminent breakout.

Trader Notes: Crypto trader Cryptoinsightuk noted that XRP has cleared a key resistance level and is now holding it as hourly support.

While yesterday's close hinted at bullish continuation, he says a strong close today would confirm a full-blown rally. Similar breakouts in the past have led to explosive moves, signaling what he calls potential "fireworks ahead."

Oscar Ramos, quoted by Crypto Basic, is urging investors to go “all-in” on XRP, calling it a “must-have” in bullish portfolios. With Bitcoin hitting new highs at $112,000, altcoins like XRP are following with renewed strength. Ripple's progress with its RLUSD stablecoin and utility expansion is helping drive the sentiment shift.

Statistics: Santiment data shows XRP has reached a 7-week high, surpassing $2.39 for the first time since May 23.

Whale activity is increasing, with 2,742 wallets now holding at least 1 million XRP, just one short of the all-time high. These large holders now control 47.32 billion XRP, signaling strong confidence in the asset's future.

Coinglass data shows XRP open interest increased 3.9% in a single day while derivatives trading volume expanded by 20.3%.

Short liquidations of $7.97 million in the past 24 hours, continue to rise for the second consecutive day, implying traders forced to close their positions in the wake of XRP's rally.

Community News: Ripple announced that BNY, America's oldest running bank, will act as primary custodian for reserves backing its RLUSD stablecoin. The move aims to accelerate institutional trust and adoption.

Ripple is also actively pursuing a national bank charter and Federal Reserve master account to further legitimize RLUSD, which now boasts a more than $500 million market cap, making it the eighth-largest stablecoin after surpassing TrueUSD.

CEO Brad Garlinghouse reiterated that XRP's regulatory clarity is now well established, calling this a green light for broader adoption and use.

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