XRP News Today: XRP Price Poised for 60% Gain as ETF Inflows Surge 158%

XRP, the cryptocurrency associated with Ripple, is on the verge of a significant price movement in July. The digital asset has been trading around $2.20, reflecting a 15% increase from its lowest point in July and a 35% rise from its year-to-date low. This stability is accompanied by the growing momentum of the Teucrium 2x Long Daily XRP ETF, which has been gaining traction since its launch in April.

The XXRP ETF has experienced consistent weekly inflows since its inception, with the most substantial inflow occurring last week, adding $33 million in assets. Currently, the ETF has accumulated over $158 million in assets, making it one of the most expensive funds on the market with an expense ratio of 1.89%. This is notably higher than other leveraged funds, such as the Daily Semiconductor Bull 3X Shares ETF, which has a ratio of 0.75%.

The rising inflows into the XXRP ETF indicate a growing demand for spot XRP funds. The likelihood of the Securities and Exchange Commission (SEC) approving a spot XRP ETF has increased to 86%, according to analysts' forecasts. This approval could further boost the price of XRP by providing more investment opportunities and liquidity for the cryptocurrency.

Despite these positive developments, the XRP price has remained relatively stable. One significant milestone that could influence its price is the conclusion of the SEC vs. Ripple Labs case, which has freed the company to pursue deals with other firms. Additionally, Ripple is set to benefit from the GENIUS Act, which aims to regulate stablecoins. The market cap of the RLUSD stablecoin has surged to $455 million, a figure expected to continue rising throughout the year.

Technical analysis of the XRP price chart shows that the cryptocurrency has been trading within a tight range over the past few months. It has maintained a steady position above the crucial support level at $2, aligning with the lower boundary of a symmetrical triangle pattern. This pattern, formed after the token's surge in November of last year, indicates a bullish pennant—a popular bullish continuation pattern. The Average True Range has decreased, and the spread between the two lines of the Bollinger Bands has narrowed, signaling a reduction in volatility. This suggests that XRP is poised for a strong bullish breakout, with the next key level to watch being $3.8, representing a 60% increase from its current price.