XRP continues to show strong growth, reaching a record $3.50. This increase is partly driven by Republican support for the CLARITY Act and the launch of Ripple’s new USD stablecoin.
Market Performance of XRP and XXRP ETF
The XXRP ETF, launched in April, has increased by 136% since its inception, while XRP has risen by 81%. The assets of the XXRP ETF have surged to $471 million, indicating significant investment growth.
Unlike other popular ETFs, XXRP is a leveraged fund aiming to double its daily returns compared to XRP. This means that when XRP increases by 1%, XXRP will rise by 2%.
Institutional Confidence and Market Capitalization
XRP has shown a year-to-date rise of 66%, with a market capitalization around $204 billion. Its fully diluted valuation exceeds $300 billion, positioning XRP as the 81st largest asset globally. These achievements highlight growing investor confidence in Ripple's future and contribute to price stability.
Technical Price Analysis of XRP
The XRP price chart shows a strong bullish trend forming from the breakout above the upper side of the symmetrical triangle. XRP has crossed a significant resistance level at $3.38 and remains above the 50-day and 100-day moving averages. Oscillators such as the RSI and MACD indicate potential further upward movement, with a target price of $4.2615.
The rise of XRP and the success of the XXRP ETF underline the growing interest in the cryptocurrency market and investor confidence in new products offered by Ripple, signaling potential stabilization and regulatory simplification for the cryptocurrency industry.
