XRP price has once again surged past the $3 mark, attracting attention from investors and traders alike. Currently priced at $3.03, XRP has seen a 1.63% increase in the past day and a 9.58% rise over the course of the week. This upward momentum is supported by a strong trading volume of $7.25 billion and a market cap of $181.32 billion. The recent rally in XRP comes at a crucial time, with technical indicators and ETF developments hinting at potential high-stakes moves in the near future.
One of the primary drivers behind XRP’s price surge is institutional adoption. VivoPower, a Nasdaq-listed company, recently announced a $19 million raise to expand its digital asset treasury, with a specific focus on XRP. Additionally, SBI Holdings in Japan has extended its XRP lending program, which is aimed at improving liquidity management and reducing sell-side pressure.
Furthermore, the news surrounding XRP ETFs has been dominating trader sentiment. Currently, there are 7 applications awaiting SEC decisions, with predictions indicating a high probability of approval starting from October 18. Even the approval of a single ETF could act as a catalyst for significant liquidity inflows, potentially pushing XRP towards the $3.50-$3.65 range.
In terms of XRP price analysis, the token has successfully broken above the psychological barrier of $3 and is now testing the 23.6% Fib retracement level at $3.07. A daily close above this level could confirm bullish continuation, with potential targets at $3.31 and the aforementioned range of $3.50-$3.65 in the short term.
The RSI-14 indicator currently stands at 64.84, indicating a bullish sentiment with room for further gains. However, there is a risk of short-term profit-taking as divergence becomes apparent. In terms of support levels, XRP holds strong at $2.99, with deeper support at $2.83. A break below these levels could weaken the bullish case and potentially trigger a correction.
In conclusion, the recent price surge in XRP is driven by a combination of institutional adoption, ETF developments, and technical indicators. Investors should closely monitor key levels and developments in the market to make informed trading decisions. As always, it is important to conduct thorough research and analysis before making any investment decisions in the volatile cryptocurrency market.