The XRP price recently surged between $2.84 and $2.99, attracting interest from both institutional investors and large traders who are eyeing a potential breakout above the critical $3 mark. This surge has been driven by significant on-chain activity, with notable flows observed among whales and institutional investors. Ripple Labs, Inc., led by CEO Brad Garlinghouse and CTO David Schwartz, faces increased scrutiny as the market dynamics shift.
ProShares, an ETF sponsor, along with prominent whale addresses, have shown high engagement in on-chain activities. Market experts highlight a crucial need for XRP to close above $3.3 in August to break out successfully; otherwise, the bullish narrative may be put on hold.