XRP Surges 10% In 24 Hours As Bitcoin Consolidates Below $120k

Summary The token is now just 4% below its all-time high of $3.40, set in 2018. From a technical standpoint, XRP has rallied swiftly since bottoming out on June 22 at around the 1.90 handle. Bitcoin regained bullish momentum, breaking out of consolidation and entering a new price discovery phase, with most supply now in profit. The RSI has twice attempted to break back below the 70 handle which would be a signal of a momentum shift but this has not materialized. By Zain Vawda XRP ( XRP-USD ) has surged around 10% in the last 24 hours and is up around 34% in the past week. XRP continued its rally on Wednesday, briefly reaching $3.30 during Asian trading as optimism grew in the futures market. The token is now just 4% below its all-time high of $3.40, set in 2018. Futures open interest rose to $9.98 billion across major exchanges, a 26% increase in 24 hours and the highest since 2021. High funding rates show traders are heavily betting on price increases, even as the market looks overheated in the short term. Crypto Heatmap – A breakdown of the performance of individual crypto, July 17, 2024 Source: TradingView.com Open interest is the number of active, unsettled futures bets. When prices and open interest both rise, it often shows optimism and expectations of more price gains. Data from WhaleTrace reveals that large investors have bought over 2.2 billion XRP in the last two weeks. This activity lines up with news about leveraged ETFs launching in the U.S. and Grayscale adding XRP to its Digital Large Cap Fund. Technical Analysis on Ripple (XRP/USD) From a technical standpoint, XRP has rallied swiftly since bottoming out on June 22 at around the 1.90 handle. The speed of the rally as well as the fact that it is in overbought territory on the RSI mean the possibility of a pullback remains in play. The RSI has twice attempted to break back below the 70 handle which would be a signal of a momentum shift but this has not materialized. Keeping an eye on the RSI may thus be a good indicator for a pullback. The question is whether a pullback will take place before fresh all-time highs are printed or not? Immediate support rests at 3.00 with a break below bringing support at 2.80 into play. Lower down, we have support around the 2.60 handle and the 200-day MA at 2.38. Ripple (XRP/USD) Daily Chart, July 17, 2025 Source: TradingView.com Bitcoin Takes a Breath but Bullish Momentum Remains intact Bitcoin finally made a move over the last week or so, having been stuck in a period of consolidation since the beginning of May after crossing the $100k mark. The move has seen Bitcoin regain bullish momentum with the cost basis distribution heatmap (CBD) showing heavy accumulation in both the $93k-$97k and $104k-$110k zones. Source: Glassnode According to Glassnode on-chain data, a break above these dense supply clusters may now establish strong support for potential pullbacks Bitcoin has already seen a pullback after reaching fresh all-time highs around the $123k handle down to $116k as potential profit taking likely occurred. Glassnode data indicates that Bitcoin is in a new phase of price discovery, with most of its supply now in profit. The current price is above the 95th percentile cost basis level at $107.4k, a key marker for spotting potential market peaks. When prices rise sharply above this level, more investors tend to sell to lock in profits. This can lead to a “top-heavy” market, where many investors have bought at higher prices, making them more sensitive to price changes. After hitting a new all-time high of $122.6k, Bitcoin pulled back to $115.9k due to increased selling pressure. This drop happened after the price briefly went above $120k, a level that often acts as resistance during speculative rallies. If momentum stays strong, the next major resistance is at $136k, which aligns with the +2 standard deviation level. Technical Analysis on Bitcoin (BTC/USD) Looking at BTC/USD from a technical perspective, the four-hour chart below and support rests at 117169 provided by the 50-day MA. The recent pullback also failed to break below the 50 neutral level on the RSI period 14 which is serving as support as well. However, a change of structure has taken place with a four-hour candle close below the swing low at 116800. This would hint at a new leg to the downside which could bring support at the 112000 handle into focus. Below this level the 200-day MA may come into play as it currently rests around the 109000 handle. Bitcoin (BTC/USD) Daily Chart, July 17, 2025 Source: TradingView.com Original Post Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.

Source: Seeking Alpha