XRP Soars 70% in August, Breakout Confirmed Amid $153M ETF Inflows
XRP has seen significant gains in August, surging nearly 70% from about $1 to almost $1.70. This is the best monthly gain for XRP since 2021 and was largely driven by $153.55 million inflows into US spot XRP ETFs, mainly in the latter half of the month.
Analyst Ali Martinez confirmed a breakout above resistance with a next target of $1.70. However, CFTC data shows a significant 115.7 million-token net short position against XRP, which could add volatility to the market.
Historically, XRP's September tends to move opposite August's trend, and upcoming events like the Federal Reserve meeting and a US Senate vote on digital asset legislation may influence price direction. Traders are watching key levels between $1.34 and $1.36 as XRP trades below its 200-period exponential moving average of $1.56.