XRP Breakout Ignites Fresh Rally Amid Broader Crypto Recovery
XRP price has surged 21% in a breakout from months of compression, putting the $2 level back on the market's radar. The rally is fueled by both the broader crypto-market recovery and growing institutional demand for XRP.
The spot XRP ETFs have seen net inflows of $13.24 million on August 20, extending the streak to three consecutive positive sessions since July. This strong spot demand has been complemented by expanding derivatives activity, with Binance XRP open interest reaching approximately $263 million and a 45% increase from August 3.
While the breakout is technically constructive as long as XRP holds above $1.55-$1.60, caution should be exercised due to stretched momentum. The daily RSI has approached 90, indicating an increased risk of short-term consolidation or even a deeper retracement toward $1.30-$1.35 if support at the former resistance is breached.
The key level on the downside remains $1.55-$1.60, with a sustained move below it potentially threatening to derail the bullish reversal structure. However, as long as XRP continues to hold above this zone, the path toward $2.00-$2.10 will remain open for consideration.