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- XRP price has moved above its key moving average near $2.54 as futures open interest rises 10% to $4.12 billion.
- The REX-Osprey XRP ETF (XRPR) surpassed $100 million AUM.
Ripple’s native cryptocurrency XRP is showing strength and is up 7% on the weekly chart, trading at $2.55. This comes following 4% upside in the last 24 hours, following the launch of Ripple Prime and a strong demand for the spot XRP ETF currently. While investors are waiting for the potential signs of trend reversal, the Bollinger range chart shows that the altcoin could test more investor patience.
XRP Price Weekly Green Candle Shows Signs of Comeback?
Ripple’s native cryptocurrency XRP is up 4% today, with its market cap soaring past $153 billion. Also, there’s a strong bullish undertone to this upside as the daily trading volumes have soared 40% to $4.66 billion. This clearly shows that traders continue to expect more gains ahead.
For the past several days, the XRP price has been oscillating within its Bollinger band range, while remaining under the grip of the bears. After rebounding from lows of $2.32, XRP is hovering around $2.49, but the move occurred deep within the lower Bollinger range. Analysts note that Bollinger Bands reflect both volatility and directional bias, and in this case, XRP’s setup continued to lean bearish, so far in October.
The sharp sell-off on October 10, dubbed “Black Friday” in the crypto market, pushed XRP price decisively below the middle band. Following today’s rebound, the token has surged past its key moving average near $2.54, as reported by CNF. If the bulls manage to hold above this, it could set the tone for a potential trend reversal from here onwards. The Coinglass data shows that the XRP futures open interest is also up 10% to over $4.12 billion.
Key Developments Within the Ripple Ecosystem
Today’s XRP price upside comes amid key developments taking place within the Ripple ecosystem in the last 24 hours. On Friday, October 24, Ripple officially launched “Ripple Prime”, integrating it into its suite of institutional payment and liquidity services. The company confirmed in a blog post that Hidden Road, the prime brokerage firm it acquired for $1.25 billion, will now operate under the Ripple Prime brand.
According to Ripple, this will extend the benefits of digital assets to institutional clients at scale. The firm stated that Ripple Prime will leverage its existing infrastructure in payments, crypto custody, stablecoins, and XRP to enhance service offerings and improve capital efficiency across markets. The latest deal comes following Ripple’s $1 billion acquisition of GTreasury last week, as mentioned in our previous report.
Institutional demand for XRP continues to build as the first U.S. spot XRP exchange-traded fund (ETF), the REX-Osprey XRP ETF (XRPR), has reached a new milestone with $100 million in assets under management (AUM). The achievement underscores growing investor appetite for regulated exposure to the digital asset. This has further helped to push the XRP price higher.
