XRP’s price goes past $2.50, but what’s the next target now?
Was XRP's crash a blessing in disguise?
Key Takeaways
What’s driving XRP’s rebound?
On-chain demand is flexing straight into XRP’s price, Binance reserves are dropping, and bulls are stacking.
Which level should you watch out for before the next breakout?
$3.20 is the real test. If it holds, ETF catalysts could trigger a breakout.
The market is trying to find its footing, and all eyes are on the charts.
The play here? Hold the key support to rebuild conviction. Notably, XRP bulls are already ticking that box. On the 1H timeframe, for instance, XRP’s price bounced a clean 100% off its $1.25 crash low.
At the time of writing, on-chain action seemed to back it up too. Consider this – Binance reserves slid to their early September levels, with nearly 100 million XRP pulled since 10 October. This has created a textbook setup for a potential supply squeeze.
In short, on-chain demand may be flexing straight into XRP’s price.
Meanwhile, leverage has been staying super light. XRP’s Futures Open Interest (OI) dumped $5 billion in the same window, marking the biggest bleed since late July when the OI topped $10 billion near XRP’s $3.50 swing.
For context, that flush back then sparked XRP’s near 19% weekly bounce off $2.70, while Binance reserves slid from 3 billion to 2.8 billion. With bulls stacking again, could XRP’s price be gearing up for the next push past $3.20?
XRP’s price poised for ETF-driven seasonal boost
Finally, XRP’s leverage blowout couldn’t have come at a better time.
In less than a week, XRP Spot ETF hearings kick off, with Grayscale first on 18 October. The market is already licking its chops right now. In fact, XRP’s price ripped past $2.50, despite crashing to $1.25 not long ago.
In short, conviction has been building. Inflows into XRP are rolling in for the 18th straight week too. According to CoinShares, the altcoin saw $61.6 million in inflows. Even after last week’s heavy sell-offs.
Simply put, XRP’s price may be catching ETFs’ seasonal tailwind.
Mix in low leverage and strong spot demand on Binance, and you’ve got a clean setup for a steady vertical move. In this context, a breakout past $3 is looking closer than you might think.
The real test? $3.20. That’s where the ETF catalyst could kick in. If it holds, it might be the trigger XRP’s price needs for a proper breakout.
