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XRP is approaching the $3 mark after a significant 30% monthly gain, driven by strong technical indicators and increasing ETF trading volumes.
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The cryptocurrency’s multi-year breakout and key Fibonacci levels suggest potential targets near $6, supported by growing institutional interest and Ripple’s banking initiatives.
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According to COINOTAG sources, XRP’s recent surge is bolstered by a 5x increase in ETF volume and Ripple’s strategic push for a U.S. national banking charter, enhancing XRP’s market credibility.
XRP nears $3 with a 30% monthly gain, backed by multi-year breakout, rising ETF volumes, and Ripple’s banking charter efforts, targeting a $6 breakout.
Technical Breakout and Fibonacci Extensions Signal Strong Upside for XRP
XRP’s recent price action highlights a decisive breakout from a multi-year symmetrical triangle pattern, which had constrained the asset since 2019. This breakout above the $0.75 level has catalyzed a rally, pushing XRP close to the $3 threshold. Currently, XRP is testing the 1.236 Fibonacci extension at approximately $2.72, a critical resistance point that could determine near-term momentum. Should XRP sustain a weekly close above $3, it would confirm bullish momentum and open the path toward higher Fibonacci targets near $5.89 and $7.94, with an ambitious $6 breakout target in focus.
Long-Term Chart Structure Supports Elevated Price Targets
Analysis from COINOTAG highlights that XRP’s long-term chart formations project substantial upside potential. Fibonacci extension levels indicate future resistance zones at $5.06, $9.68, and $16.73, suggesting that XRP’s current consolidation between $2 and $3 is a foundation for further gains. The consistent upward price momentum throughout July reinforces this outlook, positioning XRP as a strong contender among top cryptocurrencies. Market capitalization data from CoinMarketCap places XRP as the third-largest crypto asset, with a market cap of $164.85 billion and a circulating supply of 59.13 billion tokens, underscoring its significant market presence.
Institutional Interest and Ripple’s Banking Charter Propel XRP’s Market Position
Beyond technical factors, XRP’s fundamentals are strengthening through Ripple’s strategic initiatives. The company’s application for a U.S. national banking charter via Ripple National Trust Bank represents a pivotal move to integrate XRP within federally regulated financial systems. This development could enhance XRP’s utility and adoption in mainstream finance. Additionally, Ripple’s RLUSD stablecoin is gaining traction within the XRP Ledger ecosystem, facilitating tokenization, settlements, and enterprise DeFi activities, which further solidify XRP’s role in the evolving digital finance landscape.
ETF Volume Surge Reflects Growing Institutional Confidence
Institutional interest in XRP is evidenced by a notable surge in ETF trading volumes. Bloomberg ETF analyst Eric Balchunas reports that XRP ETFs have experienced a 4x to 5x increase in daily trading volume, with Teucrium’s XXRP ETF alone managing $163.5 million in assets and posting $120 million in daily volume. This influx of institutional capital not only boosts liquidity but also signals enhanced market confidence, positioning XRP for sustained growth amid a competitive crypto environment.
Conclusion
XRP’s trajectory toward the $3 level is underpinned by a combination of robust technical patterns, strategic fundamental developments, and heightened institutional engagement. The multi-year breakout and Fibonacci extension levels provide a clear roadmap for potential price appreciation, while Ripple’s banking charter ambitions and rising ETF volumes reinforce XRP’s market legitimacy. Investors and market participants should monitor XRP’s ability to maintain momentum above key resistance levels, as this could herald a significant breakout toward the $6 target and beyond.
