- XRP golden cross reappears, sparking talk of $20 target.
- Institutional interest grows ahead of ProShares XRP Futures ETF launch.
- XRP overtakes Tether, becomes third-largest cryptocurrency by market cap.
XRP has triggered renewed excitement across the crypto market after flashing a historically rare technical signal. The MVRV ratio has just printed a golden cross, a pattern often linked with major price movements.
According to cryptocurrency analyst Ali, the last time this signal appeared, XRP skyrocketed by 630 percent. On X, he disclosed that the signal has re-emerged, causing discussions of a possible surge to $20.
In response, XRP jumped 10.03 percent in the past 24 hours to reach $3.28. The rally was based on a weekly low of $2.87, which was outside its prior consolidation range.
Other technical developments on the chart have also prompted traders to respond. Commodity expert Peter Brandt described a compound fulcrum that, in the unlikely event of certain conditions, could drive the XRP to $4.4.
This is a rare pattern connected with strong bullish formations. Its emergence has only fuelled the increasing trust in XRP’s price action.
Also Read: XRP Shorts Wiped Out as $28.9M in Liquidations Follow Sudden Price Surge
ETF Speculation and Whale Activity Push XRP Higher
Market momentum strengthened after reports of growing institutional interest in XRP. The ProShares XRP Futures ETF is expected to launch on July 18, attracting attention from large players.
It is also reported that whales and treasury desks are returning to the market at the breakout level. This was backed by a volume-based rally, which saw XRP move past the resistance line of $3.00.
The open interest in XRP also increased, indicating more dedication on the part of the futures traders. Increased open interest is usually an indication of healthy conviction and continued price action.
At the same time, XRP set another record in terms of market capitalization, reaching $180 billion. It is the third-largest cryptocurrency, with a market value that exceeds Tether’s total market value, amounting to $160.2 billion.
Such technical and institutional innovations are establishing a bearish environment in XRP. The analysts keenly follow the positioning.
XRP Liquidations Spike
According to CoinGlass, XRP recorded $38.98 million in total liquidations, with $28.93 million coming from short positions alone. This created an $18.89 million imbalance, one of the most skewed across major assets in the last 24 hours.
The price surged to $3.30 before settling around $3.24. Mini liquidations alone touched $15.36 million within four hours.
Conclusion
XRP’s golden cross signal, coupled with strong ETF-related interest, may set the stage for a significant price breakout. Analysts are now tracking the token for confirmation of a continued upward move.
Also Read: Elizabeth Warren Says New Crypto Bill Could Collapse U.S. Economy Instantly
