XRP has flipped the script this week, emerging as one of the market’s strongest performers after weeks of lackluster performance. The crypto asset briefly tapped $1.76 before stabilizing near $1.50.
A sharp rise in network participation has now added fresh weight to the rally.
Higher Levels
Ali Martinez reported that active addresses climbed from 47,180 to 356,070, an astonishing 654.71% increase in days. A spike of this size usually reflects a sharp rise in participation and can come alongside increased volatility in the token’s price.
If this is really the start of a new XRP trend, analyst Casi Trades said that the $1.20 level could soon become a thing of the past. She expects the asset to first move toward $1.78, followed by a pullback to roughly $1.30 before another push to $2.57.
The full five-wave structure could eventually take XRP to around $2.90, according to the analysis, completing Wave 1 of a much larger macro Wave 3. A later correction may bring the asset back toward $1.65, which could turn the resistance seen today into support. In that scenario, the important point is not just how high XRP could go, but whether the token ever gets another chance to trade below $1.20.
As the Ripple token cleared seven months of resistance with a roughly 70% gain in one weekly candle from the accumulation zone, Crypto Patel said that the focus is now turning to $1.55. Holding above that level could set up another bullish move, while a break below may lead to retracement or re-accumulation. The $5-$10 range remains the long-term target.
Strong Week For ETFs
On the institutional front, US-based spot XRP ETFs began last week quietly, recording zero flows on Monday, but the numbers quickly changed. Flows reached $5.81 million on Tuesday before coming in at $2.35 million on Wednesday.
From there, activity picked up following the US Treasury Department’s announcement that it would double the maximum size of liquidity-support buybacks for longer-dated government debt. Thursday saw $13.24 million, while Friday reached $18.38 million, which was the strongest level since mid-May.
The buying trend has continued into this week. $13.82 million in inflows were recorded on August 25th. Bitwise’s fund led the chart with $8.25 million, followed by Franklin and Canary’s ETFs with $4 million and $1.57 million, respectively.
Source: CryptoPotato
