XRP has surged past a market capitalization of $188 billion, surpassing major corporations including Shopify, Verizon and Citigroup as the cryptocurrency experiences renewed momentum amid speculation about potential exchange-traded fund approvals.
The digital asset is trading above $3.16, marking a 12% weekly gain and positioning itself among the top 92 global assets by market value. The milestone reflects growing institutional interest as XRP reenters mainstream financial conversations following regulatory clarity from its resolved legal battle with the Securities and Exchange Commission.
ETF Applications Drive Market Interest
Central to XRP’s rally is mounting speculation around potential spot XRP ETFs in the United States. The REX-Osprey Spot XRP ETF, initially scheduled to debut Sept. 12, has been delayed to Sept. 18, according to Bloomberg analyst James Seyffart. The fund cleared the SEC’s 75-day review period without objections.
Multiple asset managers, including Grayscale, Franklin Templeton and Bitwise, have submitted applications for spot XRP ETFs, with SEC decisions expected in October. Industry estimates project a 90% likelihood of ETF approval before year-end, driven by improved regulatory clarity following Ripple‘s legal settlement with the SEC.
Analysts Identify Bullish Technical Patterns
Cryptocurrency analysts are identifying technical patterns that could propel XRP toward higher price levels. Analyst XRP CRO has highlighted a weekly bull flag formation, suggesting potential targets of $6, $13 and $23 if XRP breaks above the key $3.60 resistance level.
Dark Defender has identified resistance at $4.39 and $5.85 Fibonacci levels, with support levels at $3.01 and $2.85. Analyst Egrag Crypto has pointed to a symmetrical triangle breakout, noting that maintaining the body above $3.07 will be crucial for sustaining bullish momentum.
The convergence of ETF speculation, technical breakout patterns and institutional accumulation has positioned XRP for what analysts describe as a potential explosive move higher, with October regulatory decisions serving as a crucial catalyst for the cryptocurrency’s next phase of price discovery.
Join our Telegram Channel