Ripple’s XRP price has seen a sharp upswing, climbing 17.8% over the past week to trade near $2.80. The rally is fueled by growing speculation about an XRP exchange-traded fund (ETF) and heightened market activity, leading to major liquidations of short positions. Analysts suggest that XRP is forming a bullish setup, with potential upside targets above $3.40.
Grayscale’s XRP ETF Filing Sparks Market Optimism
Investor sentiment improved significantly after Grayscale filed to convert its XRP Trust into a spot ETF, a move now under review by the U.S. Securities and Exchange Commission (SEC). This development has led to increased confidence in XRP’s institutional adoption.
XRP’s trading volume spiked 47.39% in the past 24 hours, reaching $8.05 billion, signaling rising demand. Ripple CEO Brad Garlinghouse called the ETF proposal a logical step toward institutional integration. If approved, an XRP ETF could bring in new institutional capital, mirroring Bitcoin’s success after its spot ETF approval.With increased buying pressure, XRP has outperformed most major altcoins this week, solidifying its bullish momentum.
Large XRP Transfers and Regulatory Shifts Support XRP Price Growth
Blockchain tracking service Whale Alert reported major XRP transfers exceeding 430 million tokens, spread across multiple wallets.
Notably:
Ripple moved 300 million XRP to an undisclosed wallet, raising speculation about institutional transactions or liquidity adjustments. Coincheck transferred 40.8 million XRP, with additional movements totaling over 90 million XRP, involving major exchanges.Large-scale transactions like these often indicate strategic market positioning by institutional investors. While the exact purpose of these transfers remains unknown, they add to speculation and volatility.
Beyond whale movements, regulatory shifts in the U.S. are also boosting XRP price outlook. Garlinghouse has emphasized growing bipartisan support for clearer cryptocurrency regulations, which could provide a stronger framework for institutional investment.
The SEC’s review of Grayscale’s XRP ETF filing suggests a potential shift in regulatory stance. Ripple’s ongoing legal battle with the SEC is nearing resolution, further reducing legal uncertainty. Institutional investors are exploring alternative assets beyond Bitcoin, positioning XRP/USD as a promising option.With regulatory clarity improving, some analysts believe XRP/USD is poised for sustained long-term growth.
XRP Price Technical Outlook: Can It Break $3?
XRP price is currently trading at $2.81, gaining 0.55% in the past 24 hours. The 4-hour chart reveals an ascending triangle formation, with price action tightening between a rising support level and a descending trendline. This setup suggests a breakout could be imminent.
Key Levels to Watch:
Immediate resistance: $2.97 Next targets: $3.21 and $3.40 Support levels: $2.69 and $2.52The 50-period EMA at $2.56 continues to act as a strong support, reinforcing bullish sentiment. If XRP holds above $2.69, further upside momentum is likely. However, failure to break $2.97 could trigger a short-term pullback toward $2.52 and $2.27.
With rising trading volume and increasing institutional interest, XRP/USD is approaching a critical breakout level. A clear move above $2.97 could drive the price toward $3.40 and beyond in the coming weeks.
Key Takeaways
XRP/USD surged 17.8% this week, now trading near $2.81, driven by ETF speculation. Grayscale’s XRP ETF filing is under SEC review, increasing investor confidence. Large XRP transfers signal market positioning, adding to bullish sentiment. Regulatory clarity and institutional demand could push XRP toward $5 in the coming months. $2.97 is a key breakout level—a move above could drive XRP toward $3.40 and beyond.Best Wallet Token ($BEST): Next-Gen Crypto Management & High-Yield Staking
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