XRP Spikes 3%: Is A Breakout Imminent?

XRP (CRYPTO: XRP) has been gaining momentum, with a partnership with BNY on stablecoin custody fueling speculation that a breakout for the token may be close.

Trader Notes: Crypto chart analyst Ali Martinez has identified a breakout pattern for XRP, setting a near-term target at $2.60.

More Crypto Online also sees XRP tracking its projected bullish path, maintaining a target of $2.57, provided it holds key support above $2.245.

Another trader, Mags, says XRP has entered its final blow-off stage, a phase that historically leads to rapid price acceleration.

Statistics: Coinglass data shows XRP open interest spiking by 12.2% to $5.5 billion in a single day, while derivatives trading volume expanded by 7.2%. Options volume and open interest jumped by 239% and 8.3%.

Liquidations in the past 24 hours hit $7.5 million, with shorts accounting for $6.3 million, suggesting a powerful short squeeze is underway.

Community News: Ripple CEO Brad Garlinghouse testified that Ripple was the first major U.S. company sued by the SEC back in 2020.

He called the case a "death threat" to the industry.

Four years later, Ripple emerged victorious, with XRP legally not classified as a security, a landmark win for the crypto space.

In parallel, Ripple announced BNY Mellon will act as primary custodian for its stablecoin RLUSD's reserves.

Launched in December 2024, RLUSD has already exceeded $500 million in circulation, placing it among the top 20 USD stablecoins.

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