XRP eyes $3.40 ahead of the ProShares XRP futures ETF launch

The cryptocurrency market continues its positive performance this week, with Ether leading the way. Bitcoin hit the $120k mark a few hours ago but has now retraced below $1,900. Ether, Ethereum’s native coin, is up 8% in the last 24 hours and now trades above $3,300. Ripple’s XRP is the second-best performer among the top 10 cryptocurrencies by market cap, adding over 7% to its value. The rally allowed XRP to hit the $3 mark for the first time since February 2025 and could rally higher to set a new 2025 high. ProShares XRP futures ETF launch propels XRP higher XRP is trading at $3.13 per coin after adding 7% to its value in the last 24 hours. The positive performance can be attributed to the upcoming launch of the ProShares XRP futures exchange-traded fund (ETF). The fund will launch tomorrow, July 18. The leveraged product will trade on NYSE Arca and will mark a crucial moment for institutional access to XRP, signaling fresh momentum as traders eye a potential spot ETF approval in the coming weeks. While the ETF doesn’t directly hold XRP, it offers institutional traders amplified exposure to the cryptocurrency via futures and swaps. In addition to this, there is growing optimism around broader crypto regulation and bipartisan support for legislation. The legislation will provide the framework to regulate the broader crypto market and allow cryptocurrencies like XRP to gain adoption from institutions. XRP eyes $3.40, with strong support around $2.98 The XRP/USD 4-hour chart remains bullish and efficient as the cryptocurrency steadily rises to its January highs. The technical indicators are extremely bullish, suggesting buying pressure on XRP. The MACD lines are within the positive zone, indicating that the buyers are currently in control. Furthermore, the RSI of 73 shows that XRP is heading into the overbought region if prices soars higher. Volume-sustained momentum through $3.00 indicates a massive shift from XRP’s recent sideways price action. Whales and treasury desks are re-entering their positions ahead of a possible breakout. A daily close above $3.00 could unlock price discovery toward fresh highs. Another metric supporting a possible breakout is the establishment of strong support around $2.98. The Break of Structure (BoS) at $3.0118 suggests that the support level at $2.98 serves as a solid base for the continuation of the ongoing rally. If the positive momentum is maintained, XRP could rally towards the January high of $3.40, setting a new 2025 high in the process. An extended rally would allow XRP to test its all-time high of $3.84, which was set in January 2018. If XRP achieves a new all-time high in the short to medium term, it would be a long way back for the payment cryptocurrency. XRP had to undergo a long period of uncertainty due to the SEC’s legal case with Ripple before attempting a recovery in the last couple of months. Analysts are optimistic that the approval of a spot XRP ETF could push XRP’s price to $5 for the first time in its history. The post XRP eyes $3.40 ahead of the ProShares XRP futures ETF launch appeared first on Invezz

Source: Invezz