Ripple’s cross-border token recorded a modest daily gain of 3%, which was enough for analyst Ali Martinez to suggest that it “seems to be breaking out” and to predict a much larger increase.
At the same time, institutional interest in the asset remains strong and could indeed pave the way for further upside.
Ready for a big jump?
Less than a month ago, XRP surged to nearly $1.70, but quickly lost momentum and is currently trading at around $1.39 (per CoinGecko). However, Martinez argued that the current configuration could be more optimistic than it seems. He said a sustained close above $1.38 would confirm a breakout and could open the door for a rally towards $1.60.
It’s important to note that he hasn’t been entirely positive about XRP lately. Just a few days ago, he claimed that the asset’s decline from the local high to around $1.35 was likely due in part to profit-taking, with whales selling or redistributing around 90 million units in a week. It also warned that network activity had fallen sharply, with daily active addresses falling by more than 90%.
Other market watchers who have recently given their thoughts include user X STEPH IS CRYPTO and Crypto Bitlord, both in the bull corner. The old note forming a “cup and handle” pattern on the XRP price chart and projects a potential upside to $2.50.
The latter was even more optimistic, suggesting that the volatility of the asset appears to be stabilizing. The analyst said he was 99% certain that a push toward $2 would follow, followed by an explosion to a new all-time high.
ETFs continue to impress
Growing institutional demand could support XRP’s long-term bullish outlook. Recently, spot XRP ETFs hit another all-time high, with total net inflows reaching $1.7 billion.
Last week was the ninth consecutive edition that ended in the green, attracting nearly $19 million. Companies that have launched such products so far include Bitwise, Franklin Templeton, Canary Capital, 21Shares and Grayscale. Bitwise has attracted $608 million to date, while Canary Capital ranks second with around $490 million.
Meanwhile, T. Rowe Price recently updated its crypto ETF filing, which will provide exposure to multiple digital assets. Following the amendment, XRP has a weighting of 9.15%, while Bitcoin (BTC) leads with 39.54%.
For its part, Exchange Listed Funds Trust has filed the “CYBER HORNER S&P 500® and XRP 75/25 Strategy ETF” with the SEC. If approved by the watchdog, the investment vehicle will allow investors to gain exposure to both the stock market and Ripple’s native cryptocurrency in a 75/25 ratio.
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