XRP rose 7% in a week! Steady at $2.62, what’s driving this surge?

Friends in the crypto world, have you noticed? XRP has quietly gained momentum! In the past week, it surged directly by 7%, now firmly standing at $2.62, with a market cap soaring to $157.5 billion. This rebound is making people excited～

The rise is not without reason. On one hand, the overall market is strengthening; more crucially, expectations around spot ETFs have fully ignited sentiment. Nate Geraci has stated that applications for spot ETFs for XRP and SOL could see movement in a few weeks. It’s worth noting that giants like WisdomTree and Bitwise had already submitted applications, and now we’re just waiting for the final push.

Institutions are also quietly positioning themselves, with Evernorth Holdings holding 388.7 million XRP at an average cost of $2.44. They are about to reach their target for increasing holdings, which is a solid vote of confidence. The derivatives market is also quite lively, with open interest in futures soaring to $4.46 billion, while recent liquidations were only $5.86 million, indicating that market selling pressure is not significant.

However, there is some divergence among analysts: Ali Martinez has issued a TD Sequential sell signal, indicating potential short-term pullback risks; but Cryptoinsightuk believes there is no need to panic, stating that the downside is limited and the long-term trend remains bullish.

Currently, XRP is riding on favorable news, it just depends on whether the ETF will land on schedule. If it does, it might soar even higher, so those in the crypto world should keep a close watch! #xrp