XRP, currently priced at $2.98, shows a slight daily gain of 0.77% despite weekly losses of 4.6%. The asset remains in consolidation after peaking at $3.65 in mid-July.
Current XRP Trends
As of now, XRP trades at $2.98, demonstrating a daily gain of about 0.77%. Despite losing 4.6% over the week, the asset shows signs of consolidation after reaching a peak of $3.65 on July 18. Optimistic forecasts suggest the potential for growth to $5 by year-end if market interest and institutional demand are sustained.
ETF Developments and Institutional Initiatives
SBI Holdings has filed for two XRP ETFs in Japan, which could potentially become the first global offerings. These ETFs aim to attract both institutional and retail investors, and their approval could unlock new liquidity streams. In South Korea, BDACS has launched secure XRP custody via Ripple Custody, meeting the growing demand for safe storage solutions.
Market Outlook and Technical Analysis
From a technical standpoint, XRP is holding above a support level of $2.83, with resistance at $3.20–$3.30. A break above $3.30 could lead to a retest of the recent high near $3.65. Conversely, failure to maintain $2.83 may see the price dip towards $2.50. Analysts note that approval of the SBI ETFs could trigger substantial inflows, potentially pushing XRP toward the $3.50–$3.65 range with a long-term target of $5.00 if global adoption continues.
The ETFs' progression and institutional custody measures highlight significant steps in XRP's long-term adoption strategy, particularly in markets such as Japan and South Korea, where the regulatory environment is favorable.
