ETF Approval and Technical Breakout Propel XRP Toward $5
Grayscale’s conversion of its Digital Large Cap Fund into a spot ETF received SEC approval to list on NYSE Arca, sparking bullish momentum in XRP. Despite a brief debut delay, XRP has climbed nearly 80% from April lows, surging 27% this week to around $2.71. On-chain data shows whales transferring 33 million XRP (~$90 million) from Upbit to an unknown wallet, moving 40 million XRP between private addresses, and sending another 25.49 million XRP to Coinbase. Bitcoin’s breakout to $118,800 has further supported broader crypto gains, while ETF-linked XRP products saw volumes spike fivefold and a 2x leveraged XRP ETF jumped 27% on the day. Traders are now eyeing the July 14 launch of ProShares XRP futures ETFs – Ultra, UltraShort, and Short. Technical indicators reveal a breakout from a symmetrical triangle, a successful retest of the $2.15 breakout zone, and emerging inverse formations. If XRP holds above $2.40, analysts expect it to test $3 in the near term and target $5–$5.30 longer term, reviving hopes for a push toward its all-time highs.
Bullish
Approval of Grayscale’s spot ETF and significant whale transfers have driven strong buying pressure and price appreciation in XRP. In the short term, the breakout from a symmetrical triangle and retention above $2.40 indicate momentum toward $3, bolstered by ETF-linked product volume surges and Bitcoin’s broader rally. Over the longer term, sustained institutional interest through spot ETFs, upcoming ProShares futures ETF launches, and robust on-chain flows support a push toward $5–$5.30, potentially challenging previous highs.