XRP continues to show strength by breaking through key resistance levels and attracting the attention of institutional investors.
Breakout of Key Level
XRP has surged past the critical Fibonacci 0.702 level on the 3-day chart, sparking optimism for a potential all-time high. Crypto analyst EGRAG CRYPTO noted the importance of closing above the $3.010 mark to confirm a multi-month breakout. "If it closes above $3.010, get ready for a NEW ATH!" he stated.
Sustaining Bullish Momentum
Currently, XRP/USDT is trading at $2.93, showing a 3.46% intraday gain. The daily chart reveals a strong uptrend, with the price consistently closing above the upper Bollinger Band, indicating persistent buying pressure. Technical indicators confirm the strength of the move, with the 20-day moving average now acting as dynamic support.
Institutional Demand for ETFs
ProShares Trust has filed with the SEC to launch an XRP futures ETF, providing exposure to XRP futures contracts without direct asset ownership. Meanwhile, the Teucrium 2x Long Daily XRP ETF has grown to $248 million in assets, highlighting rising institutional interest in XRP.
In conclusion, XRP is showing strong performance, attracting both retail and institutional investors. The potential for reaching a new all-time high seems increasingly tangible.
