XRP is showing continued growth, breaching the key $2.50 level, supported by bullish market sentiment and ETF demand.
XRP Continues to Grow
XRP reached a new closing level above $2.50 on July 11, marking the fourth consecutive session of gains for the token. This increase is supported by rising investor interest and strong technical indicators. Analysts have noted that a bullish pennant has formed on XRP's daily chart, potentially indicating a move towards $4.24. The previous breakout level was at $2.30, and further growth beyond this year's high of $3.92 may confirm this bullish setup.
ETF Demand Fuels Investor Optimism
The increased investor appetite for XRP has followed the recent launch of the XXRP ETF. Despite high fees, the fund has recorded continued inflows, with assets under management now exceeding $189 million. The total is expected to reach $200 million in the coming days. This trend mirrors the overall growth in cryptocurrency ETFs, where total inflows have crossed $51 billion this year.
Bitcoin Rally Supports Altcoin Strength
The record-breaking rise of Bitcoin, nearing $120,000, plays a key role in uplifting altcoins like XRP. Strong inflows into Bitcoin ETFs and reduced token supply on exchanges have driven this rally. This rising momentum has also extended to other digital assets, positioning XRP for additional upward movement if current trends hold.
The current developments in the cryptocurrency market, including XRP's rise, ETF demand, and Bitcoin's performance, are creating positive conditions for XRP's future growth. Analysts remain optimistic about the token's potential, anticipating it may reach the $4.24 level if bullish indicators are confirmed.
