XRP Soars to five-Month High, rallying Nearly 80%
XRP has enjoyed its most important weekly increase in months, skyrocketing almost 80% from April levels. On July 11, teh token peaked at $2.9695, its highest since March 2. This surge reflects broader crypto market gains, with investors flocking to riskier assets.
The XRP jump is fueled by three main factors.First, Bitcoin reached an all-time high of $118,300. Secondly,there’s been a boost in the new Teucrium 2X Long Daily XRP ETF (XXRP),attracting more investors. Lastly, Ripple CEO Brad Garlinghouse’s appearance in Washington regarding the proposed CLARITY Act boosted optimism.
- Bitcoin hits record highs
- XRP ETF sees rising inflows
- CLARITY Act garners attention
XXRP assets grew to $248 million, doubling its daily volume since April. Despite a higher expense ratio of 1.89%,the ETF offers twice XRP’s daily returns.
In Washington, Garlinghouse discussed CLARITY, a bill set to clarify crypto regulation between the SEC and CFTC. If passed,it could favorably impact XRP.
Technical analysis shows XRP breaking above a long-term descending trendline, forming a bullish signal. The next key price target could be its year-to-date high of $3.3930.
