Key Takeaways
XRP futures volume soared 200% in 24 hours to $12.4B, surpassing Solana.
Price broke out of a bull flag pattern, with a $4.50 target by September–October.
Ripple and SEC agreed to dismiss all legal appeals, ending the years-long lawsuit.
Open interest climbed 15% to $5B, with most traders taking long positions.
$2.80–$2.82 zone emerges as key support; Fed rate cut in September could add upside momentum.
XRP (XRP) surged over 10% to $3.33 after Ripple and the U.S. Securities and Exchange Commission (SEC) agreed to drop all remaining legal appeals, marking the official end of their multi-year court battle.
The legal resolution unleashed a wave of speculative activity, with XRP futures trading volume jumping 200% in 24 hours to $12.4 billion, overtaking Solana’s $9.6 billion, according to Glassnode.
Futures and On-Chain Metrics Show Bullish Tilt — But Risk of Liquidations
Open interest — the total value of unsettled futures contracts — climbed 15% to $5B, with XRP’s daily funding rate at +0.01%, signaling a bias toward long positions. While this reflects bullish sentiment, Glassnode warned that heavy long positioning can leave traders vulnerable to cascading liquidations if prices reverse.
On-chain cost basis data shows a large 1.7 billion XRP acquired between $2.80 and $2.82, suggesting strong holder support in that range. This cluster may act as a buffer during potential pullbacks.
Bull Flag Breakout Targets $4.50
XRP’s latest move pushed it above the upper trendline of a bull flag — a bullish continuation pattern that often signals further upside. Rising volume during the breakout added confirmation.
Applying the traditional bull flag target calculation — adding the height of the previous rally to the breakout level — yields a price objective above $4.50, roughly 35% above current levels. Analysts expect this target could be reached by September or October.
Macro Tailwinds Could Support Rally
A potential Federal Reserve rate cut in September could increase demand for risk assets, providing an additional catalyst for XRP’s next leg higher.
Market commentators remain optimistic:
Mikybull Crypto sees XRP rising to $5–$8 by year-end.
Dom projects as high as $10 in the current cycle.
XRP’s breakout above $3.30, combined with record futures activity and a major legal overhang removed, has shifted sentiment decisively bullish. But with leveraged longs building quickly, traders face the dual risk of rapid upside — and sharp corrections if momentum stalls, according to Cointelegraph.
