XRP News Today: XRP Surges 10% as Institutional Demand and Technical Indicators Fuel Rally

XRP, the cryptocurrency associated with Ripple, has shown significant strength, with its price holding steady above key support levels. The price started a fresh increase after settling above the $2.220 level, climbing above the $2.2320 resistance level. The bulls pushed the price above the $2.250 level, and it is now trading above $2.250 and the 100-hourly Simple Moving Average. There is a short-term contracting triangle forming with resistance at $2.280 on the hourly chart of the XRP/USD pair. If the price clears the $2.280 zone, it could start another increase.

On the upside, the price might face resistance near the $2.280 level. The first major resistance is near the $2.2850 level, close to the 76.4% Fib retracement level of the downward move from the $2.3111 swing high to the $2.197 low. The next resistance is $2.320. A clear move above the $2.320 resistance might send the price toward the $2.350 resistance. Any more gains might send the price toward the $2.40 resistance or even $2.420 in the near term. The next major hurdle for the bulls might be $2.50.

If XRP fails to clear the $2.2850 resistance zone, it could start another decline. Initial support on the downside is near the $2.260 level. The next major support is near the $2.2320 level. If there is a downside break and a close below the $2.2320 level, the price might continue to decline toward the $2.20 support. The next major support sits near the $2.150 zone.

From a technical perspective, XRP's price is showing firm support above an ascending trendline dating back to June 21. The cryptocurrency recently bounced off this level, forming a bullish engulfing candle followed by a spinning top, indicating resilience despite market indecision. Key technical levels to watch include support at $2.21, immediate resistance at $2.32 and $2.38, and breakdown risks at $2.17 and $2.12. A golden cross, where the 50-day EMA crosses above the 200-day EMA, is also being seen as a bullish indicator. Combined with an RSI moving mid-range and a rising wedge pattern, traders see a setup ripe for a breakout. If XRP holds above $2.21 and confirms a bullish reversal, a swing toward $2.50 may be on the horizon.

Broader market conditions also support a possible rally for XRP. A symmetrical triangle pattern has emerged on the daily chart, often a precursor to explosive price movement. Bollinger Bands have tightened, signaling a squeeze—and potentially, a breakout. This triangle is part of a bullish pennant, and a confirmed breakout could push the XRP price toward its yearly high of $3.40, representing nearly 50% upside from current levels. The macroeconomic climate, with the Nasdaq 100 and S&P 500 setting new records and the U.S. Dollar Index dropping, also favors a rising risk-on mood that could send more money into cryptocurrency, benefiting XRP.

Institutional demand for XRP is also on the rise. Grayscale's Digital Large Cap Fund (GDLC) has included XRP in its portfolio, marking a significant milestone for the cryptocurrency. This inclusion, alongside Ethereum, Solana, and Cardano, signals growing institutional recognition for XRP. With ten XRP ETF applications filed and a high approval probability, a standalone XRP ETF may be on the horizon, further boosting its market presence. Institutional accumulation of XRP is also on the rise, with the cryptocurrency being the third-most-purchased token by institutions this week after Bitcoin and Ethereum. This surge in demand follows the recent launch of Ripple's Ethereum-compatible sidechain (EVM) for the XRP Ledger, enabling developers to deploy smart contracts on XRPL based on Ethereum. This expansion of XRP’s universe makes it more valuable and beneficial in the long run, favoring positive XRP predictions. Some projections see the token eventually reaching $1,000, provided with full regulatory clarity and global acceptance of Ripple’s payment rails.

In the near term, XRP’s price action will likely be driven by sentiment, updates on the Ripple lawsuit, and announcements regarding ETFs. With both technical and regulatory catalysts aligning in its favor, trading above $2.50 seems possible even before the October ETF decision deadlines. A successful breakout above the $2.38 resistance would pave the way for $2.50 and higher, especially if there are institutional inflows and if Ripple’s regulatory strategy succeeds.