TLDR:
XRP price surged 44% over the week, reaching $3.38, approaching its all-time high of $3.84
Ripple ETF approval odds on Polymarket jumped from 50% to 70% following market momentum
Donald Trump’s election win and Gary Gensler’s resignation contributed to positive market sentiment
Technical analysis shows a bull flag pattern suggesting potential targets of $10-15
Whales have accumulated over 1.04 billion XRP tokens in ten days, indicating strong institutional interest
XRP has surged to $3.38, marking a 44% price increase over the past week and approaching its all-time high of $3.84 set seven years ago. The rally comes as betting markets show rising confidence in a potential Ripple ETF approval.
Market data from Polymarket shows the odds of Ripple ETF approval have increased from 50% to 70% within the past week. However, the probability of approval before July 2025 remains at 50%, suggesting investors expect a gradual regulatory process.
The cryptocurrency’s price movement has been supported by substantial whale activity, with large investors accumulating over 1.04 billion XRP tokens in just ten days. This level of institutional buying provides backing for the current price levels.
XRP
XRP Price
JPMorgan analysts project that Ripple ETFs could attract between $4-8 billion in inflows during their first year of trading, though they note this depends on various market conditions and regulatory factors.
Technical analysis reveals a bull flag pattern formation in XRP’s price charts. This pattern, combined with the current market momentum, has led some analysts to project potential price targets of $10 to $15, though such predictions should be viewed with caution.
The token’s price action shows strength above the $3.00 level, with current trading occurring above both the $3.20 mark and the 100-hour Simple Moving Average. A bullish trend line has formed with support at $3.15 on hourly charts.
Recent political developments have influenced market sentiment. Donald Trump’s election victory and news of SEC Chairman Gary Gensler’s resignation have contributed to positive price action, as traders anticipate potential changes in the regulatory environment.
The MACD indicator shows increasing momentum in the bullish zone, while the Relative Strength Index remains above the 50 level, suggesting continued buying pressure in the market.
Key support levels have established at $3.20 and $3.05, with major resistance points at $3.40 and $3.50. The market structure suggests potential for further upside if these resistance levels are cleared.
Trading volume has increased during the rally, providing validation for the price movement. The token has maintained support above previous resistance levels, indicating strength in the current trend.
Market analysts note several factors contributing to XRP’s performance, including broader crypto market recovery and increased institutional interest in digital assets following Bitcoin ETF approvals.
The current price sits at the 23.6% Fibonacci retracement level of the upward move from the $2.33 swing low to the $3.40 high, suggesting healthy price consolidation during the rally.
Technical indicators point to potential resistance near $3.35, with the next major hurdle at $3.40. A breakthrough above these levels could open a path toward $3.50 and potentially $3.80.
In case of a downward correction, analysts identify initial support near $2.88, corresponding to the 50% Fibonacci retracement level of the recent upward movement.
The rapid price appreciation has not shown signs of exhaustion, with steady buying pressure maintaining momentum above key moving averages.
The post XRP Price: Soars Past $3.38 as Institutional Investors Add 1.04 Billion Tokens to Holdings appeared first on Blockonomi.