XRP Targets $20 Following Major Breakout—Is a Bull Run Underway?
XRP has surged 25% this week, reaching $3.30—its highest level in years—and pushing its market cap above $190 billion. This rally coincided with the launch of the ProShares Ultra XRP ETF on July 18, the first XRP-linked ETF to debut on a major U.S. exchange.
Currently, XRP is trading around $3.25, still about 15% below its all-time high of $3.84 from January 2018. This surge has also sparked record interest in perpetual futures, with open interest climbing to $8.8 billion, representing nearly 2.9 billion XRP in leveraged positions.
Momentum around XRP gained further traction after California Governor Gavin Newsom introduced the California Breakthrough Project at Ripple’s headquarters, signalling growing institutional acknowledgement of XRP’s utility.
From a technical perspective, XRP appears to have broken out of a massive symmetrical triangle that’s been developing for over seven years. Analysts believe this breakout marks a shift from a long-standing bearish trend into a more bullish structure. Fibonacci projections point to potential price targets in the $4.90 to $6.50 range.
Since hitting lows in April, XRP has jumped 135%, clearing several major resistance levels, including the $2.80 to $3.10 zone. Based on Fibonacci extension levels, the next key targets are $4.70, $5.77, and $6.48. Notably, trading volume surged during the breakout, a sign of strong institutional participation.
Despite the Relative Strength Index (RSI) now sitting above 80—typically a sign of overbought conditions—XRP’s upward trajectory appears to be holding, with parabolic price action still intact. One technical analyst noted that the recent move places XRP within a symmetrical triangle pattern that dates back to its 2018 peak.
With the seven-year consolidation phase seemingly complete around $3.15, historical Fibonacci analysis suggests a potential target of $22 by early August. If the current wave mirrors previous cycles, XRP could be on track to test the $20–$23 zone in the coming weeks.
All eyes are now on whether the momentum can carry XRP into its next major leg up.