$XRP Can Soar to $5? Up 17.8% This Week

Ripple's XRP has surged, up 17.8% in the past week to trade near $2.80. This price increase is driven by growing speculation about a XRP (ETF) exchange-traded fund and increasing market activity, leading to the liquidation of large short positions. Analysts believe XRP is forming a bullish setup, with a potential price target above $3.40. Grayscale's XRP ETF profile boosts market optimism Investor sentiment has improved significantly after Grayscale filed to convert XRP Trust into a spot ETF, a move currently under review by the U.S. Securities and Exchange Commission (SEC). This development has led to increased confidence in the adoption of XRP by institutions. XRP's trading volume surged by 47.39% in the past 24 hours, reaching $8.05 billion, signaling increasing demand. Ripple's CEO, Brad Garlinghouse, referred to the ETF proposal as a logical step towards institutional adoption. If approved, an XRP ETF could bring in new institutional capital, similar to Bitcoin's success after the approval of futures ETFs. With increasing buying pressure, XRP has outperformed most major altcoins this week, consolidating its price uptrend. Large XRP transfers and changes in support regulations boost XRP price growth The Whale Alert blockchain monitoring service reports transactions transferring large amounts of XRP exceeding 430 million tokens, distributed across multiple wallets. Note: Ripple has transferred 300 million XRP to an undisclosed wallet, sparking speculation about the organization's transactions or liquidity adjustments. Coincheck has transferred 40.8 million XRP, with additional trades totaling over 90 million XRP, involving major exchanges. Transactions of this scale often reflect the strategic positioning of institutional investors in the market. Although the exact purpose of these transactions is not yet known, they increase speculation and volatility. In addition to the actions of whales, regulatory changes in the United States are also driving the prospects of XRP prices. Garlinghouse has emphasized the increasing bipartisan support for clearer regulations on cryptocurrencies, which could provide a stronger framework for institutional investment. The SEC's review of Grayscale's XRP ETF application suggests a potential shift in management stance. The legal battle between Ripple and the SEC is nearing its end, helping to reduce legal uncertainty. Institutional investors are exploring alternative assets beyond Bitcoin, positioning XRP/USD as a promising choice. With the improved transparency of the regulations, some analysts believe that XRP/USD will have sustained growth in the long term. XRP price technical outlook: Can it break the $3 level? The XRP price is currently trading at $2.81, up 0.55% over the past 24 hours. The 4-hour chart shows a rising triangle formation, with price action tightening between the ascending support and the descending trendline. This setup indicates a potential breakout may be imminent.

Important levels to pay attention to: Immediate resistance level: $2.97Next targets: $3.21 and $3.40Support levels: $2.69 and $2.52 The 50-period EMA at $2.56 continues to act as a strong support level, reinforcing the bullish sentiment. If XRP holds above $2.69, the next upward momentum may occur. However, failure to break $2.97 could lead to a short-term decline to $2.52 and $2.27. With increasing trading volume and growing institutional interest, XRP/USD is approaching a crucial breakthrough level. A clear move above $2.97 could push the price towards $3.40 and beyond in the coming weeks. Main points XRP/USD has surged 17.8% this week, currently trading near $2.81, driven by speculation in ETFs. Grayscale's XRP ETF application is under review by the SEC, boosting investor confidence. Large XRP transfers signal market positioning, contributing to optimistic sentiment. Clarity on regulations and institutional demand could push XRP to $5 in the coming months. $2.97 is a crucial breakthrough level—a move above could propel XRP to $3.40 and beyond.