Why is XRP Price Up Today?
Highlights
- XRP price surged 3.6% today, breaking out of a 32-week triangle pattern.
- A spike in XRP futures OI, ETF developments, and bullish indicators fueled the upward momentum.
- Experts believe the ongoing development could take XRP to $3.40.
July kicks off with a positive note for the XRP token as the price witnesses significant upward momentum. The Ripple token hit a multi-year high in January 2025 but consolidated with the rest of the crypto market before investors’ interest reignited. Just today, the price has surged 3.6% and even higher on the weekly frames as macroeconomic and technical factors support a bullish move.
Top Reasons Why XRP Price is Up Today
With a 3.6% surge today and 9.3% over the week, the price of XRP is currently $2.38. Additionally, its market capitalization stands at $140.7 billion, with a trading volume of $3.33 billion. Notably, this surge happened as various technical and economic factors influenced investors’ sentiments.
With the token emerging from a 32-week symmetrical triangle, it’s attaining nearly a month’s high. CoinGlass data shows that the open interest in XRP futures has reached a new peak of $5.56B, a 10% increase today and a 33% increase since June 22.
Crypto analyst Ripplesinwales highlights that the token’s technical indicator, Bollinger Band, is on the same level, which has resulted in a 600% rally in the past. Other factors like the MACD histogram and RSI leave room for upside, fueling the surge.
$XRP has been in a 32 week consolidation
Same duration consolidation occurred in 2017
Week 33 could be explosive 😅 pic.twitter.com/HImaSFLhbp
— Ripples 🏴☠️ 🪖 (@Ripplesinwales) July 9, 2025
Not to forget, the ProShares’ XRP Futures ETF is targeting a July 14 launch after clearing the DTCC listing token. Trump’s Blue Chip Crypto ETF also allocated 2% of its funds to XRP, giving the Ripple tokens the much-needed institutional exposure.
The broader crypto market is up with a shift in investor sentiment and crypto-related developments. In this, the upcoming Crypto Week discussing top crypto bills also played a significant role.
Meanwhile, Ripple’s partnership with BNY Mellon has also sparked bullish sentiments for the XRP price. The crypto firm will use the banking giant to custody the dollar reserves for its RLUSD stablecoin. This is a positive for XRP, considering its central role in Ripple’s operations.
What’s Coming Next for XRP Price?
This month, multiple events could affect the Ripple token price, including Brad Garlinghouse’s testifying before the Senate today. As the discussion is on XRP and the regulatory clarity, its price could get a boost. Besides the developments in spot ETF launch, Crypto Week and others could continue to affect the price.
Crypto analysts have already predicted a rally to $2.38, followed by $2.60 and $3.40 once it closes above $2.28 with high trading volume. The first target is already achieved, increasing the odds of the other two.
However, experts also believe that the failure to hold $2.25 support could result in a crash to $2.21 (demand zone).
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