Ripple Price Soars: $2.80 Next?
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Ripple Price Soars: $2.80 Next?
The cryptocurrency market witnessed a significant surge in the value of XRP, with the token climbing 3.6% to $2.31 in Saturday trading. This upward momentum was driven by ETF momentum and network growth, which contributed to renewed institutional interest. Notably, volume surged 86% above the 24-hour average during the breakout, lifting the token to its strongest close in over a week. XRP outperformed Bitcoin (BTC) and Ethereum (ETH) amid subdued broader market activity.
Key Drivers Behind the Surge
The recent filings by Canary Capital Group and 21Shares for their proposed XRP ETFs have been instrumental in driving the price surge. Canary Capital Group’s amended prospectus has moved the fund closer to potential SEC approval under Section 8(a). The ETF would trade on Nasdaq under ticker XRPC and hold XRP in custody with Gemini Trust Company and BitGo Trust Company. This development, coupled with the expanding institutional focus on Ripple, has led to increased demand for the token.
Price Action Summary
XRP traded within a $0.19 range, gaining strength after clearing resistance at $2.22 and $2.28 in a single high-volume move at 16:00 UTC. The breakout occurred on 165M volume, marking an 86% jump over daily averages and confirming institutional participation. Price action consolidated between $2.32–$2.35, holding higher lows and signaling controlled accumulation by larger traders.
Technical Analysis and On-Chain Data
The breakout above $2.28 confirmed the end of short-term compression, with RSI turning upward and MACD crossing into positive territory. The higher-low structure established a bullish channel with immediate resistance at $2.35–$2.40. On-chain data supported the move, showing 21,595 new XRP wallets created within 48 hours — the largest increase in eight months — alongside mixed whale behavior. Roughly 900,000 XRP were transferred to exchanges over five days, suggesting potential short-term supply pressure, though net exchange reserves remain historically low.
Impact of ETF Filings and Institutional Demand
The dual filings by Canary Capital Group and 21Shares could force the SEC’s first decision on XRP-based ETFs, echoing precedents set by approved Bitcoin (BTC) and Ethereum (ETH) products. If Canary’s registration passes automatically under 8(a) rules, XRP could become the next major asset with U.S.-listed spot exposure — a development that may accelerate institutional demand and price discovery heading into Q4. As blockchain technology continues to evolve, the growing interest in XRP and other cryptocurrencies is likely to drive further innovation and investment in the sector.
Broader Market Implications and Retail Investor Perspective
From a retail investor perspective, the surge in XRP’s value presents an opportunity for potential gains, but it also comes with inherent risks. As the market continues to evolve, it is essential for investors to stay informed and adapt to changing market conditions. The growing interest in XRP and other cryptocurrencies is likely to drive further innovation and investment in the sector, potentially leading to increased mainstream adoption. However, investors should remain cautious and conduct thorough research before making any investment decisions. With the current trend and developments in the cryptocurrency market, it will be interesting to see how XRP’s value unfolds in the coming weeks and whether it will reach the predicted $2.80 mark.
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