TLDR
- XRP breaks $3.00 resistance with 5% gains after three consecutive days of increases
- Bloomberg analysts predict 95% probability for XRP ETF approval by October
- Ripple partners with Spanish banking giant BBVA for digital asset custody services
- Futures open interest jumps 74% at CME indicating growing institutional participation
- Technical indicators suggest potential rally toward $8-$10 range if momentum continues
XRP price has broken through the critical $3.00 resistance level, reaching $3.02 with a 5% daily gain. This marks the third consecutive day of positive movement for the digital asset.
The cryptocurrency successfully escaped from a multi-month symmetrical triangle pattern that had constrained price action. Market capitalization now approaches $180 billion with trading volume surging to $6.78 billion across major exchanges.
Bloomberg analysts have assigned a 95% probability for XRP ETF approval in the United States. The Securities and Exchange Commission is expected to make its final decision in late October.
Alternative products like REX-Osprey ETF and ETN structures could potentially launch earlier. These would follow the Solana Staking model that bypasses direct SEC approval requirements.
Institutional demand for XRP derivatives has increased substantially. Futures open interest climbed 5% monthly to reach 2.69 billion XRP, valued at $7.91 billion.
Chicago Mercantile Exchange data shows outstanding XRP futures contracts jumped 74% over 30 days to 386 million tokens. This surge indicates stronger participation from professional fund managers and market makers.
Technical Analysis Shows Bullish Momentum
The Relative Strength Index currently sits at 54.78, indicating neutral conditions with room for additional upward movement. RSI readings above 50 typically signal developing bullish momentum without reaching overbought levels.
MACD indicators confirm the positive trend with a bullish crossover pattern. The indicator reads 0.01816 above the signal line of -0.02979, while the histogram expands into positive territory.
Monthly futures contracts trade at a 7% premium over spot prices. This balanced premium suggests healthy leverage demand without excessive speculation.
Immediate resistance levels appear between $3.30 and $3.50, areas where XRP previously struggled. The all-time high of $3.84 represents a key psychological barrier.
Crypto analysts suggest the $8 to $10 price range could become achievable if current momentum sustains. However, maintaining levels above $3.00 will be crucial for continued upward movement.
Ripple Expands European Banking Presence
Ripple has strengthened its partnership with BBVA, Spain’s major banking institution. The collaboration provides BBVA access to Ripple’s institutional-grade digital asset custody technology.
The custody solution enables secure storage of Bitcoin, Ether, and other cryptocurrencies with bank-level security standards. Francisco Maroto, BBVA’s head of digital assets, emphasized the importance of end-to-end custody services.
This partnership extends existing relationships between Ripple and BBVA in Switzerland and Turkey. The expansion enhances Ripple’s footprint across European markets.
Regulatory clarity from frameworks like the EU’s MiCA regulation has encouraged major banks to embrace digital assets. This trend supports broader institutional adoption of cryptocurrency services.
Despite positive developments, XRP has underperformed the broader altcoin market since August. While total altcoin capitalization grew 14%, XRP remained relatively flat during the same period.
XRP Price Prediction
Current technical indicators and fundamental developments support a bullish outlook for XRP price. The successful break above $3.00 resistance opens the path toward higher targets.
Immediate price objectives include the $3.30 to $3.50 resistance zone. A sustained move above these levels could trigger additional buying interest toward the $3.84 all-time high.
Long-term analyst predictions suggest the $8 to $10 range remains possible if ETF approval materializes and institutional adoption continues. However, the XRP Ledger’s modest $100 million total value locked may limit rally sustainability.
