XRP increases SEC approvals for XRP-conjugated ETFs from ProShares and Grayscale by 24%. Volume has exploded, with over 182 million tokens traded, indicating strong institutional and retail demand. A breakout of over $3.20 clears long-term resistance and unleashes an upward target of up to $6.50.
XRP surprised Crypto Market last week, jumping nearly 24%, reaching the highest level ever.
The token rose to $3.27, spiked to $3.64 for a short time during daytime trading, marking a major breakout after months of stagnation.
Meeting I think caused by a mix The factors: Newly approved ETF topics, fresh interest big Institutional players and solid technical momentum.
It all opposed the background of the overall bullish mood in the crypto space, giving XRP the fuel it needed to take off.
What has encouraged the XRP price gathering?
ETFS It was one of the big reasons Behind XRP happen. After years of waiting, in July, the SEC finally approved some XRP-related exchange sales funds, ProShares, Grayscale among them.
It opened the door for serious money. The floodgates were opened when these products began trading on US exchanges.
XRP volume exploded, with over 182 million tokens changing hands at one point. that It wasn’t Just a hype. There have been real purchases from both institutions and retail investors that jumped into new access.
In addition to momentum, gray scale I’ll bring it XRP Back to The first digital large cap fund since the fog of regulation It’s begun Clear it.
the Signals that Wall Street is more comfortable XRP Legal status.
at the same time, Ripple The push to secure the US Bank’s charter is giving investors more confidence that the company and its tokens are heading towards a more rigid regulatory footing.
Key technologies
XRP I didn’t do it Just make a headline last week. It really did move. Many years later Go to the sidewhich ultimately broke through the stubborn resistance of around $3.05 and $3.20 that traders were seeing. Forever.
That breakout also cleared the top of a large symmetrical triangle that’s right It has been played since 2018.
When that technical lid is turned off, some chartwatchers have price targets floating around in the $4.70 to $6.50 range. That would be It depends on whether momentum sticks or not.
Behind the scenes, it appears that major players are stacking up.
Wallets above 1 million XRP are at record highs, a strong sign of a massive accumulation.
Meanwhile, the open profits of lasting futures have swelled to an all-time high of $8.8 billion worth of leveraged bets, suggesting a surge in activity from both speculators and speculators. professional Traders who manage risk.
what Next?
Most analysts think XRP Rally still has room to run, assuming ETF inflows. I’ll keep coming And there it’s not surprise Movement from regulatory authorities.
In the short term, traders are monitoring the $3.40-$3.60 range, with $4 coming in the next big hurdle technically and psychologically.
If momentum spreads Continue the chalk Regulators’ victory, some are watching a push towards $4.50. perhaps $6 in the next few months.
Even though I say that the Not all blue sky. If XRP falls below $3.00, it could cause a pullback to the $2.80-2.90 zone, especially if the broader crypto market is cooled or the headlines become bearish.
Still, with the best new shot of all time and its market capitalization approaching $200 billion, XRP appears to remain one of the top stories heading into Q4.
