Why Is XRP Price Up Today? Key Factors Driving the Rally

XRP (XRP) has surged by nearly 5% today, hitting an intraday high of $2.36 and extending a three-week rebound that has seen its price climb over 46%. What’s fueling this bullish momentum? From ETF speculation to whale accumulation and technical breakouts, multiple factors are contributing to XRP’s upward trajectory.

ProShares’ XRP Futures ETF Buzz Boosts Price

One of the primary drivers behind XRP’s recent price surge is the potential launch of three XRP-based futures exchange-traded funds (ETFs) by ProShares. The ETFs—ProShares XRP Strategy ETF, ProShares Short XRP Strategy ETF, and ProShares XRP Blend Strategy ETF—are expected to go live on April 30, offering investors indirect exposure to the XRP market.

This development follows last week’s announcement by CME Group to add XRP futures to its US derivatives exchange, with trading set to begin next month alongside new BTC, ETH, and SOL contracts. While this is a positive step, progress on a spot XRP ETF remains stalled. The SEC has acknowledged multiple spot XRP ETF applications, but none have been approved yet. Grayscale’s application faces a critical decision deadline on May 22.

Market analyst John Squire argues, “The real catalyst will come when a Spot XRP ETF gets approved,” noting that a futures ETF won’t lead to “real market impact.” Nonetheless, the anticipation of these ETFs has injected optimism into the XRP market.

XRP Whales Are on the Rise

Another significant factor behind XRP’s price surge is the increasing accumulation by large holders, or “whales.” According to Glassnode data, the number of XRP addresses holding at least 10,000 tokens has continued to rise, even during the 30% price correction from January’s peak of $3.40.

This steady accumulation by larger holders suggests growing confidence in XRP’s long-term upside potential. It also indicates that selling pressure remains limited even during market pullbacks, providing a strong foundation for continued price appreciation.

XRP Price: Falling Wedge Breakout

From a technical perspective, XRP’s rally appears to be part of a falling wedge breakout. This bullish reversal pattern is confirmed by the price breaking above the upper trendline with a slight increase in trading volumes.

The breakout target, calculated by measuring the maximum wedge height and adding it to the breakout point, stands near $3.63—a 55% gain from current levels. Additionally, XRP’s price is now holding above the 50-3D exponential moving average (50-3D EMA), a historically significant support level, further bolstering the potential for a rally toward the $3.63 target.

XRP’s relative strength index (RSI) is currently neutral, with a reading between 30 and 70, suggesting there’s still room for upward movement before the asset becomes overbought.

Conclusion: What’s Next for XRP?

XRP’s price surge today is fueled by a combination of fundamental and technical factors. The anticipation of XRP futures ETFs, whale accumulation, and a bullish technical breakout all point to potential further gains. However, the real game-changer could be the approval of a spot XRP ETF, which remains a key catalyst to watch.

For traders and investors, monitoring these developments—along with key technical levels—will be crucial in navigating XRP’s next moves. Will the rally continue toward $3.63, or will new resistance levels emerge? Only time will tell, but the current momentum suggests bullish sentiment is building.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.