cryptopotato.com
$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.