XRP is gaining fresh momentum in the crypto market after breaking out of a bullish pennant pattern on the weekly chart — a move that has traders eyeing a price target of around $3.20, a potential 40% upside from current levels.
This bullish signal is being backed by a sharp increase in futures open interest (OI), up 30% in the last 10 days, suggesting renewed interest from institutional and retail traders alike.
XRP Price Jumps as Bullish Signals Align
On July 3, XRP surged over 7%, hitting an intraday high of $2.31, as news around Ripple’s growing ecosystem triggered renewed optimism. The breakout occurred after weeks of consolidation, confirming the end of a multimonth pennant formation on the XRP/USD weekly chart.
The chart pattern, often viewed as a sign of trend continuation, has analysts pointing to $3.20 as the next key resistance.
Key developments contributing to the bullish move include:
- Ripple’s application for a U.S. banking license
- An expanded partnership with OpenPayd enabling faster EUR and GBP cross-border payments
- The SEC’s approval of Grayscale’s GDLC ETF conversion
- Increasing expectations for a spot XRP ETF
XRP Futures Open Interest Jumps 30% in 10 Days
In tandem with the price rally, XRP’s futures open interest has climbed to $4.75 billion, up 30% in just 10 days, and 11% in the past 24 hours alone. Historically, surges in OI have preceded large price rallies for XRP, as they indicate rising market participation and capital inflow — often driven by institutions.
This increase in OI is significant when compared to earlier this year, such as in April–May 2025, when OI spiked from $3B to $5.75B, fueling a 65% price rally after a Trump tariff relief announcement.
Traders Remain Bullish Despite Risk of Liquidation
According to CoinGlass data, 68% of XRP traders across all exchanges are in long positions, signaling strong market confidence — but also a higher risk of long liquidations if price pulls back sharply.
Still, technical analysts remain upbeat. A popular pseudonymous trader known as Best Analysts shared a chart showing XRP approaching a bull pennant breakout on the daily timeframe, targeting an extended move toward $3.40.
Will XRP Hit $3.20 Soon?
With the weekly breakout confirmed, improving fundamentals, and rising investor confidence, XRP appears to be setting the stage for a continued rally in July 2025.
If bullish momentum holds and volumes continue to rise, the XRP/USD pair could hit the $3.20 target — or possibly extend higher to $3.40 based on analyst expectations and whale accumulation trends.
Final Thoughts
As XRP gains traction in both price action and investor attention, the recent breakout could be the beginning of a larger move. With strong institutional interest, ETF narratives, and on-chain growth, XRP is back in the spotlight — and traders are watching the $3.20 level closely.
