Why is XRP up today (July 9)?
XRP surges to $2.32 on ETF optimism and SEC momentum
XRP has surged 2.40% to $2.32, pushing its market cap to $137 billion amid rising optimism over regulatory developments and potential ETF approvals.
Bloomberg analyst Eric Balchunas now estimates a 95% likelihood that the U.S. SEC will approve spot ETFs for XRP, Solana, and Litecoin. XRP is already featured in the Grayscale Digital Large Cap Fund (GDLC), which recently received approval to convert into an ETF, laying the groundwork for a dedicated XRP product. Momentum is also building as Truth Social, the media arm of President Donald Trump, has filed for a Crypto Blue Chip ETF that will include XRP alongside Bitcoin and Ethereum. These efforts are expected to drive significant institutional inflows, potentially reshaping XRP’s long-term valuation landscape.
Can XRP break above $3? Technical setup suggests bullish potential
Technical charts indicate XRP is approaching a breakout above the $2.35 resistance level, supported by a strong base at $2.30. A successful breakout could open the door to higher targets, including the May peak of $2.6553, the psychological barrier at $3, and the 2025 high of $3.39. Traders remain cautiously optimistic, with momentum indicators showing bullish signals and price consolidating within a tightening range. However, downside risks persist—particularly if XRP falls below its 50-day EMA, potentially triggering a drop toward the $2.20 support and 200-day EMA. Upcoming events, including the SEC’s stance on ETF approvals and Senate hearings on crypto regulation, may act as catalysts for XRP’s next move.
Kharitonov’s five bullish drivers: institutional inflows and whale support
Crypto analyst Anton Kharitonov attributes XRP’s recent strength to five main factors. First, institutional investment is accelerating, with nearly $50 billion now flowing into Bitcoin ETFs, spilling over into altcoins like XRP. Second, XRP is nearing a technical breakout from a falling wedge pattern, a historically bullish formation. Third, large holders—or “whales”—have accumulated over $1.3 billion in XRP, signaling long-term confidence. Fourth, ETF anticipation continues to build, with investors pricing in near-certain approval. Lastly, XRP’s inclusion in the U.S. Strategic Crypto Reserve in March 2025 has elevated its legitimacy, creating new demand from both institutional and retail investors. Combined, these factors reinforce a bullish outlook for XRP in the months ahead.
Recently we wrote that the U.S. Securities and Exchange Commission (SEC) is set to hold a closed-door meeting on July 10, 2025.
