XRP has had a remarkable performance in July, with the price surging by 125% from its low this year, hitting a peak of $3.6552. Investors were buoyed by significant developments, including the signing of the GENIUS Act, the approval of the ProShares ETF, and the broader crypto market’s bull run particularly Bitcoin’s record-breaking rise. Now, all eyes are on XRP’s potential for further growth as August approaches.
A Bullish Cup-and-Handle Pattern
One of the most striking technical patterns for XRP is the formation of a cup-and-handle on its daily chart. This bullish pattern suggests a strong possibility of continued upward momentum. The upper part of the cup reached $3.3955, while the bottom was marked by the April low of $1.6173, giving the pattern a depth of 52%. This ongoing pullback is part of the “handle” section, often signaling a potential rebound.
What’s more, XRP’s price remains above both the 50-day and 200-day Exponential Moving Averages, which further supports the optimistic outlook. If this pattern plays out as expected, the target price for XRP could reach as high as $5.1783, representing a 65% gain from its current level.
XRP ETFs Gaining Popularity
XRP’s future looks even more promising with the increasing demand for XRP-related exchange-traded funds (ETFs). The Teucrium XRP ETF has seen a steady inflow of capital, with nearly $397 million in assets accumulated since its launch in April. Meanwhile, the ProShares Ultra XRP ETF (UXRP) has nearly reached $100 million in assets, showing a strong appetite for XRP investments among U.S. investors. These inflows indicate growing confidence in XRP and suggest that mainstream spot ETFs, once approved later this year, could bring in even more capital.
Ripple USD Stablecoin on the Rise
XRP’s potential is also fueled by the rapid growth of the Ripple USD (RLUSD) stablecoin. With the signing of the GENIUS Act by President Donald Trump, Ripple USD is gaining momentum. Starting July with $455 million in assets, RLUSD is closing the month at $577 million, with daily transactions surpassing $70 million. This growth not only benefits the stablecoin but also supports the XRP Ledger, further boosting XRP’s value.
What’s Next for XRP?
Looking ahead, XRP could receive additional catalysts in August. Ripple may continue to form strategic partnerships, with more companies like Trident Digital, Webus International, and VivoPower potentially announcing XRP treasuries. On top of that, Ripple’s push to secure a national banking license from the Office of the Comptroller of the Currency could further strengthen its position in the financial sector.
In short, the outlook for XRP remains bright. With technical indicators, strong ETF demand, and the rise of Ripple USD stablecoin, XRP is poised for a promising month ahead.
