XRP (XRP) Price Surges 33% Weekly as Institutional Interest Drives Price Above $1.47

TLDR

• XRP price surged past $1, with a 33% weekly gain and currently trading at $1.47
• Ripple invested in Bitwise’s rebranded XRP ETP (formerly ETC Group Physical XRP), maintaining the GXRP ticker
• Technical analysis shows a symmetrical triangle pattern suggesting potential breakout
• RSI indicates overbought conditions at 83, while MACD remains bullish
• Price target of $2 within 30 days based on technical patterns and market sentiment

XRP has demonstrated remarkable price movement over the past week, recording a 33% increase as the digital asset continues its upward trajectory in the cryptocurrency market. The token is currently trading at $1.47, marking a 5% daily gain amid growing institutional interest and positive market sentiment.

Recent price action shows XRP trading between $1.41 and $1.52 over the last 24 hours, maintaining steady momentum above the crucial $1 support level. The weekly performance reflects broader market strength and increased investor confidence in the digital asset.

Technical indicators paint a bullish picture for XRP’s near-term prospects. The formation of a symmetrical triangle pattern on the charts suggests a potential breakout scenario. This technical setup typically precedes price movements of greater magnitude, supporting analysts’ predictions of a possible move toward the $2 mark.

The token’s technical metrics show mixed signals, with the Relative Strength Index (RSI) reaching 83, indicating overbought conditions in the market. However, the Moving Average Convergence Divergence (MACD) maintains its position above the signal line, reinforcing the current bullish trend.

Ripple’s recent investment in Bitwise’s XRP exchange-traded product (ETP) marks a notable development in the institutional landscape. The ETP, previously known as “ETC Group Physical XRP,” has been rebranded to “Bitwise Physical XRP ETP” while retaining its GXRP ticker symbol on European exchanges.

XRP Price on CoinGecko

The rebranding initiative aligns with Bitwise Asset Management’s broader European market strategy, potentially opening new avenues for institutional investment in XRP. This move demonstrates growing institutional interest in the digital asset and could contribute to sustained price appreciation.

Market analysts have identified $2 as the next major psychological resistance level for XRP. Beyond this target, technical analysis points to $2.56 as a subsequent price objective, with strong support established near the $1.30 mark.

Trading volume data indicates steady market participation, suggesting genuine investor interest rather than speculative activity. This sustained trading activity provides a foundation for potential price appreciation in the coming weeks.

The current market structure shows multiple support levels beneath the trading price, potentially limiting downside risks. These technical supports coincide with areas of previous price consolidation, offering stability during potential market corrections.

Institutional adoption continues to play a crucial role in XRP’s market performance. The Bitwise ETP rebranding represents a strategic move to enhance investor confidence and expand XRP’s presence in European markets.

Daily chart patterns reveal consistent buying pressure, with each pullback met by renewed demand. This price action suggests strong market conviction in XRP’s current trajectory.

Market data shows increasing liquidity across major trading pairs, reducing the likelihood of extreme price volatility. This improved market depth supports more stable price discovery as XRP approaches higher valuations.

Short-term price movements indicate accumulation at current levels, with buyers maintaining pressure above key support zones. The $1.30 support level has proven particularly resilient during recent testing.

Technical resistance levels have been identified at $1.60 and $1.80, representing potential pause points before any approach toward the $2 target. These levels align with previous price action and Fibonacci retracement levels.

Recent trading sessions have shown declining sell-side pressure, suggesting exhaustion among short-term traders and potentially setting the stage for continued upward movement.