Why is XRP up today (July 17)?
XRP surges past key resistance as whale wallets hit all-time highs
XRP has exploded past the $3.25 mark, notching a 7% gain today and over 30% in the past week, making it one of the top-performing large-cap cryptocurrencies in July.
The surge follows a clean breakout above $3, a level XRP had failed to breach for several months. Previously stuck in a tight range between $2.30 and $2.85, XRP’s move above this zone has triggered renewed bullish sentiment. This rally arrives alongside bullish conditions in the broader market, with Bitcoin hovering around $118,000 and Ethereum near $6,400, creating a fertile environment for altcoins to outperform. Investor confidence in Ripple’s growing ecosystem appears to be at a multi-year high.
Key catalysts driving XRP’s breakout
Several forces are pushing XRP’s price action. A technical breakout from long-term consolidation patterns has activated bullish momentum, bringing in fresh traders. On-chain data reveals that whale wallets holding over 1M XRP hit new all-time highs, a strong signal of institutional accumulation. Meanwhile, speculation is heating up over the potential launch of an XRP ETF, sparking fresh demand and buzz on social media. Macroeconomic support is also in play, with U.S. “Crypto Week” legislation and anticipated Fed rate cuts improving market sentiment.
Analyst Anton Kharitonov notes that these combined technical and macro tailwinds suggest XRP is “no longer lagging — it’s leading.”
Kharitonov stated:
"XRP continues to rapidly grow its market capitalization. I expect it to surge by at least another 15% by the end of the month."
Ripple’s ecosystem fuels credibility and growth
Behind the rally lies continued ecosystem expansion by Ripple. Its stablecoin RLUSD is rapidly gaining adoption, and new high-profile partnerships like BNY Mellon are reinforcing the firm’s status as a serious player in institutional finance. Ripple’s legal clarity following partial victories against the SEC has also improved its position among regulatory-wary investors. These developments are helping XRP shed its “risky altcoin” label, turning it into a credible asset in the eyes of institutional buyers. If the current momentum holds and a formal ETF application emerges, XRP may indeed be positioned to lead the next phase of the crypto bull cycle.
Recently we wrote that crypto market is showing signs of revival after a quiet June, with Ethereum and XRP leading a broader altcoin resurgence.
