- XRP rallies 24% on SEC approval of XRP-linked ETFs from ProShares and Grayscale.
- Volume explodes with over 182 million tokens traded, signaling strong institutional and retail demand.
- Breakout above $3.20 clears long-term resistance, unlocking upside targets up to $6.50.
XRP took the crypto market by surprise last week, jumping nearly 24% and hitting new all-time high levels.&
The token climbed to $3.27 and briefly spiked to $3.64 during intraday trading, marking a big breakout after months of stagnation.
The rally seems to have been sparked by a mix of factors: buzz around newly approved ETFs, fresh interest from big institutional players, and solid technical momentum.
All of it played out against the backdrop of an overall bullish mood in the crypto space, giving XRP the fuel it needed to take off.
What drove XRP price rally?
ETFs became one of the big reasons behind XRP’s breakout. After years of waiting, July saw the SEC finally approve several XRP-linked exchange-traded funds, ProShares and Grayscale among them.
That opened the door for serious money to get involved. Once those products started trading on US exchanges, the floodgates opened.
XRP volumes exploded, with more than 182 million tokens changing hands at one point. It wasn’t just hype; there was real buying from both institutions and retail investors jumping at the new access.
Adding to the momentum, Grayscale brought XRP back into its Digital Large Cap Fund, the first time since the regulatory fog started to clear.
It’s a signal that Wall Street is getting more comfortable with XRP’s legal standing.
At the same time, Ripple’s push to secure a US bank charter is giving investors more confidence that the company and its token are moving toward firmer regulatory footing.
Key technicals&
XRP didn’t just make headlines last week; it made a real move. After years of going sideways, it finally broke through stubborn resistance around $3.05 and $3.20, levels that traders had been watching forever.
That breakout also cleared the top of a massive symmetrical triangle that’s been in play since 2018.
With that technical lid off, some chart watchers are now floating price targets in the $4.70 to $6.50 range, though, as always, it’ll depend on whether the momentum sticks around.
Behind the scenes, big players seem to be piling in.
Wallets holding over a million XRP have hit record highs, a strong sign of large-scale accumulation.
Meanwhile, perpetual futures open interest has ballooned to an all-time high of $8.8 billion, roughly 2.9 billion XRP worth of leveraged bets, hinting at a surge in activity from both speculators and pro traders managing risk.
What’s next?&
Most analysts think XRP’s rally still has room to run, assuming ETF inflows keep coming and there aren’t any surprise moves from regulators.
In the short term, traders are watching the $3.40 to $3.60 range, with $4 looming as the next big hurdle, both technically and psychologically.
If momentum holds and Ripple keeps chalking up regulatory wins, some are eyeing a push toward $4.50, maybe even $6, in the next few months.
That said, it’s not all blue skies. If XRP slips back below $3.00, it could trigger a pullback toward the $2.80&-$2.90 zone, especially if the broader crypto market cools off or headlines take a bearish turn.
Still, with a shot at a new all-time high and its market cap approaching the $200 billion mark, XRP looks set to remain one of the top stories heading into Q4.
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The post XRP price soars 24% last week: what’s next for the Ripple token? appeared first on CoinJournal.
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