Ripple’s cross-border token posted a modest 3% daily gain, which was enough for analyst Ali Martinez to suggest it “appears to be breaking out” and to predict a much larger increase.
Meanwhile, institutional interest in the asset remains solid and could indeed set the stage for a further upside.
Ready for a Big Jump?
Less than a month ago, XRP surged to almost $1.70 but quickly lost momentum and currently trades at around $1.39 (per CoinGecko). Still, Martinez argued that the ongoing setup may be more bullish than it seems. He said a sustained close above $1.38 would confirm a breakout and could open the door to a rally toward $1.60.
It is important to note that he hasn’t been entirely positive about XRP lately. Just a few days ago, he claimed that the asset’s pullback from the local top to around $1.35 was likely driven in part by profit-taking, with whales selling or redistributing around 90 million units in a week. He also warned that network activity has fallen sharply, with daily active addresses down more than 90%.
Other market observers who have recently given their two cents include X user STEPH IS CRYPTO and Crypto Bitlord, as both stand in the bulls’ corner. The former noted the formation of a “cup and handle” pattern on XRP’s price chart and projected a potential ascent to $2.50.
The latter was even more optimistic, suggesting that the asset’s volatility appears to be stabilizing. The analyst said they are 99% certain that a push toward $2 is coming next, followed by an explosion to a new all-time high.
ETFs Keep Impressing
Growing institutional demand may support the bullish long-term outlook for XRP. Recently, spot XRP ETFs smashed another all-time high, with total net inflows reaching $1.7 billion.
Last week was the ninth consecutive one that finished in the green, attracting nearly $19 million. Companies that have launched such products so far include Bitwise, Franklin Templeton, Canary Capital, 21Shares, and Grayscale. Bitwise has attracted $608 million to date, while Canary Capital ranks second with roughly $490 million.
Meanwhile, T. Rowe Price recently updated its crypto ETF filing, which will enable exposure to multiple digital assets. Following the amendment, XRP sits at a 9.15% weight, while Bitcoin (BTC) leads at 39.54%.
For its part, Exchange Listed Funds Trust filed the “CYBER HORNER S&P 500® and XRP 75/25 Strategy ETF” with the SEC. If the watchdog approves it, the investment vehicle will let investors gain exposure to both the stock market and Ripple’s native cryptocurrency in a 75/25 ratio.
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Source: https://cryptopotato.com/ripple-on-the-move-is-xrp-ready-for-a-double-digit-pump/
