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On July 23, XRP traded at $3.34, representing a 12.42% increase over the previous week, following a multimonth rise to $3.66 during the week. The rally occurred in the wake of several significant events, including the resolution of the Ripple vs. SEC lawsuit and the launch of the ProShares Ultra XRP ETF. These factors led to increased investor interest and institutional inflows.
According to the chart, XRP initiated its rally around the $2.96 level on July 16 and increased by 21% to $3.60 within approximately 48 hours. Subsequently, the price entered a sideways phase, fluctuating between $3.35 and $3.65 before stabilizing. The most recent session saw XRP drop in price after reaching a peak of $3.57, then falling to a low of $3.46, breaking below short-term support at $3.50 amid increased selling pressure.
XRP's 24-hour trading volume stood at $7.92 billion, down 23.32% from the previous session, while the market cap fell 5.18% to $197.99 billion. Despite the pullback, the market retains a bullish structure as long as price holds above the $3.20–$3.25 support range.
This trading marked a critical breakthrough moment in terms of regulated exposure to XRP through the launch of the ProShares Ultra XRP ETF. Along with the U.S. legislative advances on the GENIUS and CLARITY Acts, the ETF contributed to XRP breaking above its six-year symmetrical triangle pattern at $3.65. According to CoinDesk data, this move triggered renewed interest from institutional traders, particularly during a high-volume surge between $3.52 and $3.56 on July 22.
Technical indicators show that the bullish trend may continue. XRP's Relative Strength Index (RSI) has cooled to neutral territory, avoiding overbought conditions. Meanwhile, a bullish Moving Average Convergence Divergence (MACD) crossover appeared on the weekly chart for the first time since late 2024. Analysts note that the last MACD crossover preceded a 450% rally.
According to some projections, XRP could reach a high of $4.20 if it breaks past its current consolidation trend. Furthermore, others recognize greater targets between $5 and $10, considering extensions of Fibonacci and trends of dominance indexes. Analyst Milkybull Crypto identified a 1.618 Fibonacci target at $5.32 and a possible extension to $8 on continued momentum.
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The failure to hold the $3.50 support indicates a short-term shift in momentum. XRP broke below the $3.49–$3.51 range during the final hour of trading on July 23, closing near $3.46. This confirms a near-term reversal, although the broader trend remains intact as long as the price stays above $3.20.
From a supply perspective, XRP has 99.98 billion tokens, with only 59.18 billion in circulation. The fully diluted valuation of $334.54 billion suggests a possible long-term inflation risk if a locked supply enters the market.
Researchers expect ranges between $6 and $15 in the next few months, aided by macro catalysts such as ETF inflows and regulatory adoption. Nevertheless, short-term consolidation could continue as long as the asset does not recapture the $3.60 level with strong volume.
