Usman Salis
XRP just smashed through resistance levels, jumping nearly 90% from April lows to hit a fresh record of $3.66. The surge comes as the first-ever XRP ETF launches and regulatory winds start shifting in crypto's favor.
XRP had quite the week, touching an eye-popping $3.66 on Friday - that's a massive 90% climb from where it sat back in April. We're now just a stone's throw away from XRP's legendary $3.84 peak from the 2018 bull run. But here's the kicker: analysts think this rally might just be getting warmed up, with technical indicators suggesting there's still plenty of room to run.
XRP (Ripple) Price Action Shows Bulls Are Back in Control
Sunday brought some drama when XRP took a tumble, testing the $3.40 support zone before bouncing back like a champ. The token managed to close around $3.47, proving there's serious buying interest at these levels. What really caught traders' attention was the volume - we're talking nearly three times the usual daily action when buyers stepped in.
The selloff saw XRP drop over 4% and briefly dip below $3.42, but the bulls weren't having it. Within hours, XRP clawed back more than 2% from its lows, showing the kind of resilience that gets traders excited.
The real game-changer came when ProShares dropped the crypto world's first XRP-linked ETF on July 18. This isn't just another product launch - it's a massive deal that lets traditional investors get XRP exposure through their regular brokers. Around the same time, the U.S. House passed three major crypto bills tackling everything from taxes to market structure. Talk about clearing the regulatory fog that's been hanging over XRP for years.
XRP (Ripple) Price Hits Snag as SEC Stays Silent
Not everything went according to plan though. The crypto community was buzzing ahead of the SEC's July 18 closed-door meeting, hoping they'd finally drop their appeal in the Ripple case. But the SEC kept quiet, leaving everyone hanging. Former SEC lawyer Marc Fagel wasn't surprised, pointing out that such a big decision was unlikely so soon after Judge Torres shot down that joint motion.
This regulatory uncertainty took some steam out of the rally, pulling XRP back from its $3.66 peak to below $3.50. Still, the overall vibe remains pretty bullish.
XRP (Ripple) Price Gets Whale Support Despite Regulatory Headwinds
Despite the SEC drama, XRP bounced back with another 3% gain in the last 24 hours. The broader crypto market's looking good, and whale activity is definitely adding fuel to the fire.
Whale Alert caught a monster transaction on July 19 - someone moved 20.5 million XRP (worth about $70 million) to Coinbase. Usually, these big transfers make people nervous about potential selling, but XRP didn't seem to care. The token actually pushed higher to $3.54 right after the transfer.
This caps off a stellar week where XRP gained 25%, putting it tantalizingly close to reclaiming that $3.84 all-time high from 2018. Meanwhile, CoinGlass data shows open interest in XRP futures has exploded past $11 billion - that's roughly 3.1 billion tokens in leveraged positions. When you see rising open interest alongside price gains, it usually means institutions are getting serious about an asset's long-term potential.
Usman Salis
