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XRP reached a three-month high within the last 24 hours, outperforming the broader crypto market rally, benefiting from relatively low buying activity and renewed whale interest over the annual timeframe. On July 17, XRP price rose by approximately 7% to $0.618 despite fears of sales triggered by the ongoing Mt. Gox repayment.
XRP Impresses
The XRP/USD pair has increased by approximately 62.20% since the local low of $0.381 set on July 5. Interestingly, the total crypto market cap increased by about 24.50% in the same period, significantly underperforming XRP’s recovery. In fact, the XRP/USD pair is still down 1.71% year-to-date compared to the crypto market’s 40% return.
This positions XRP holders well to benefit from such a catch-up rally, especially considering the increased chance of a rate cut in September. According to Google Trends data, XRP’s gains today are accompanied by a rising trend in internet searches for the keyword XRP, reaching a three-month high from June to July 17.
Along with the rising price, this trend highlights increasing individual investor interest, showing that more internet users are paying attention to developments and market performance of XRP. These conditions resemble XRP’s price increases in February-March 2024 and October-November 2023, accompanied by a rise in the number of people searching for the keyword XRP online.
Interestingly, this rise in Google searches for XRP also coincides with a recent increase in XRP holdings among individual investors, known as fish, who hold between 100 and 1,000 tokens.
Details on the Subject
Crypto analysis firm Santiment stated in a post on July 16 that several crypto commentators on social media shared optimistic predictions about XRP, echoing the resurgence of bullish sentiment with XRP’s revival this week. Crypto investor Crypto Michael shared the following on X:
“We might be on the verge of witnessing one of the most significant breakouts in crypto history.”
He highlighted the bullish flag pattern that has formed on XRP’s price chart over seven years; a rare occurrence where the price consolidates within a triangle formation following a strong upward movement. Emphasizing the potential historic nature of XRP’s current structure, he also shared:
“In all my years of crypto trading, I have never seen a seven-year bull flag.”
