XRP surges with institutional backing as technical breakout and improving regulatory outlook propel the token to #3 market cap position with $30B weekly gains.
XRP surged 8% to $2.93, breaking through key resistance at $2.84 with trading volume spiking to 176M – double the hourly average – confirming strong institutional participation. The rally adds $30B to XRP’s market cap this week, elevating it to the third-largest cryptocurrency as the token completes a descending triangle breakout pattern.
Technical analysts identify $3.40 as the next major resistance level if XRP maintains support above $2.91. The token showed resilience during late-session profit-taking, consolidating between $2.927-$2.930 in the final hour with 85M volume, indicating sustained buyer interest.
The breakout follows improving regulatory clarity for Ripple and expanding enterprise adoption, combined with favorable macro conditions for crypto markets. Traders now watch for volume confirmation above 100M/hour to validate continuation toward $3.10-$3.40 targets, with $2.84 acting as crucial support if retested.
CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CoinDesk.