XRP News Today: Ripple’s Strategic Moves and Futures Interest Boost XRP’s Bullish Outlook

Ripple’s recent strategic acquisitions and upgrades to its XRP Ledger (XRPL) blockchain are bolstering the bullish outlook for XRP. The company’s acquisition of prime brokerage Hidden Road for $1.25 billion underscores its ambition to attract institutional investors. Ripple plans to use its stablecoin, RLUSD, as collateral across Hidden Road’s suite of brokerage services. Ripple’s chief technology officer, David Schwartz, has indicated that more acquisitions are in the pipeline, with multiple potential deals in various stages of development. These acquisitions, along with partnerships such as the one with Wormhole, aim to enhance the XRPL’s programmability and interoperability, potentially driving demand for XRP in cross-border payments and decentralized finance (DeFi) applications.

In addition to these strategic moves, the growing exposure to CME XRP futures is another catalyst for a potential breakout in XRP’s price. Since their launch on May 19, both the standard and micro XRP futures contracts have accumulated over $542.8 million in notional trading volume, indicating strong institutional and retail interest. This diverse engagement, from ETF issuers to individual retail traders, highlights the robust demand for XRP futures. The likely approval of a spot XRP ETF could further solidify XRP’s position as a mainstream asset, driving its price higher.

Technical analysis also suggests that XRP is poised for a significant breakout. According to crypto analyst XForceGlobal, the recent pullback to $1.90 has set the stage for a faster bullish route to the upside, with the price retesting the key 0.618 Fibonacci level around $2.00. An Elliott Wave analysis projects a possible breakout to $5, while a positive breakout from the pennant could potentially lead to the next leg up for XRP, measured at $14, or 564% from its current price level. This aligns with Egrag Crypto’s analysis that Fibonacci extension levels centered around a symmetrical triangle projected a $8-$27 XRP price target. As such, XRP’s next big up-move will likely begin after buyers drive the price above $2.65, clearing the path for a rally to $3 and beyond.