The XRP market has performed remarkably in recent times, with the price breaking $2.39 on July 9, marking a new high since May 23. Data on large holders' positions shows a significant increase in the number of wallets holding at least 1 million XRP, currently reaching 2,742, with a total of 47.32 billion XRP held, reflecting growing confidence in XRP among large investors.

As of the time of publication, the price of XRP has risen to $2.42, with a 24-hour increase of 4% and a weekly increase of 7%. Notably, trading volume has also seen a significant surge, soaring by 74.1% in 24 hours to $4.54 billion. The derivatives market is equally bustling, with XRP trading volume skyrocketing by 77.68% to $9.95 billion, and open interest increasing by 10.12% to $5.62 billion, indicating heightened speculative sentiment in the market.

From a technical analysis perspective, after XRP broke through the $2.40 level, the price surpassed the upper Bollinger Band, showing strong short-term momentum. Currently, the price firmly stands above the 10-day, 20-day, and 50-day moving averages. The Relative Strength Index ( RSI ) is at 66, indicating strength but not yet in the overbought territory; the MACD indicator remains positive and continues to widen, suggesting that the current trend is likely to persist. The synchronized increase in trading volume also provides strong support for this breakout.

The expansion of the Bollinger Bands indicates that greater volatility may occur in the future. Short-term technical indicators are close to the top, which may suggest a slight pullback is imminent. The next key resistance level that the market is watching is at $2.50. If XRP can hold the support at $2.40, it is expected to challenge the high of $2.63 set in May. However, if the price falls below $2.30, this breakout may fail and could retreat to the $2.21 level near the 20-day moving average.

Overall, the recent rise of XRP is supported by both increased holdings from large investors and a surge in trading volume. However, investors should remain vigilant about potential market volatility and closely monitor key price level breakthroughs or pullbacks.