XRP Tops $3 Then Sheds 8% Ahead of ProShares XRP ETF
XRP briefly surged to $3.05—the highest level since early March—following a broad crypto rally that saw BTC hit $123,000. The move completed an inverse head-and-shoulders breakout from the $2.20–$2.30 range, fueling forecasts of targets at $4.80 or even $10 based on historical patterns. SBI Global Asset Management’s CEO also pointed to growing remittance use as a long-term tailwind.
Between July 14–15, XRP gave up these gains, sliding 8% from $3.02 to $2.78 amid institutional de-risking ahead of the ProShares XRP Futures ETF launch on July 18. Trading volume spiked to 216.1 million tokens during the morning rally, followed by algorithm-driven profit-taking. A late-session turnaround to $2.87 on 112.8 million volume suggests buyers remain active near $2.80 support. Key levels stand at $2.80 support and $3.00 resistance.
Traders are now watching ETF-related capital flows and regulatory updates as potential catalysts. Echoing the healthy nature of the correction, market participants expect a tight trading range and risk-managed strategies until inflows become clearer.
Neutral
In the short term, XRP’s 8% pullback ahead of the ProShares XRP Futures ETF launch reflects institutional de-risking and profit-taking, exerting bearish pressure and sustaining a narrow trading range between key support at $2.80 and resistance at $3.00. However, the earlier breakout above $3.00, driven by a broader crypto rally and completion of an inverse head-and-shoulders pattern, underscores underlying bullish momentum and long-term upside potential. This mixed dynamic—healthy correction amid a bullish technical setup—suggests a neutral near-term outlook until clearer ETF inflows or regulatory developments provide fresh directional cues.