XRP News Today: XRP Surges 31% in a Week, MVRV Signal Suggests 630% Upside

A closely followed crypto analyst, Ali Martinez, has identified a rare bullish signal for Ripple-affiliated XRP, suggesting that the cryptocurrency could be on the verge of a significant price surge. The signal in question is the MVRV (Market Value to Realized Value) ratio, which has flipped bullish, indicating a potential 630% upside for XRP. This signal previously preceded a substantial price increase for XRP, and its reappearance has sparked speculation about a potential parabolic surge.

XRP has been quietly climbing the ranks to become the third most valuable cryptocurrency, with a market cap of $189.6 billion. The cryptocurrency recently broke out from its long-term range, briefly hitting $3.30 earlier today. In the past week, XRP gained over 31%, outperforming both Bitcoin and Ethereum. The MVRV ratio, which has flashed a golden cross, is a signal that has historically preceded a seismic upsurge for XRP. According to Ali Martinez, the last time this signal appeared, XRP soared by 630%. If history repeats itself, a 630% jump from XRP’s current levels would imply a target of about $20.

The bullish outlook for XRP comes amid growing institutional confidence in the asset. The NYSE recently approved the listing of the ProShares Ultra XRP ETF, which aims to deliver twice the daily performance of the underlying crypto. While this ETF is less impactful on price than a spot exchange-traded fund, its arrival on a U.S. exchange reflects rising institutional interest. The US Securities and Exchange Commission is still assessing whether to greenlight spot market XRP funds. Meanwhile, Canada has taken a step ahead, with 3iQ’s spot XRP ETFs starting trading on the Toronto Stock Exchange on June 18, quickly raking in more than $50 million in assets under management.

Ripple has also recently appointed BNY Mellon, America’s oldest bank, as the primary custodian of its Ripple USD (RLUSD) stablecoin. This move could potentially skyrocket demand for XRP if the XRP Ledger can steal stablecoin market share from Ethereum. Enthusiasts view the Ripple-Mellon deal as a signal of growing institutional support.

Ali Martinez also noted that crypto whales are accumulating massive amounts of the payment token. “Whales have bought 2.20 billion XRP in the last two weeks!” This accumulation by large investors further supports the bullish sentiment surrounding XRP. The analyst previously said XRP is primed to print new all-time highs, setting his initial target to the upside at $4.80. “XRP is screaming all-time highs. Are you seeing this? XRP is testing the top of the channel at $3. A weekly close above the $3 resistance could trigger a breakout to $4.80.”

XRP is trading for $3.25 at time of writing, up 8.8% in the last 24 hours. The combination of the MVRV signal, institutional interest, and whale accumulation suggests that XRP could be poised for a significant rally in the near future. However, investors should conduct their own due diligence before making any high-risk investments in cryptocurrencies or digital assets. The cryptocurrency market is highly volatile, and past performance is not indicative of future results.