XRP is one of the hottest tables in the cryptocurrency casino this week, and traders are betting its 26% jump over the last seven days is just getting started.
On Thursday, one whale opened up a $15 million XRP long position on Hyperliquid, and broader market data shows similar conviction among other players.
Bullish fervour
All of this bullish fervour is building beneath a major ceiling: XRP’s all-time high price of $3.40 achieved in 2018. On Thursday, XRP traded at $3.26, less than 5% shy of that price record.
Data from Coinglass shows that XRP has the largest long-short ratio among other major cryptocurrencies. That indicates most traders are expecting a further upside for XRP.
Still, the metric measures imbalance in sentiment, and XRP’s high ratio means the crowd is anticipating a bigger rally, which also means the market might be taking on too much leverage and opening the door to a sharp correction.
XRP has spent most of 2025 bogged down by price inertia, but new market dynamics might be aiding its current climb.
Major driver
While retail speculation is often a major driver for XRP, there’s a new structural shift in the form of institutional demand for the Ripple-linked cryptocurrency.
XRP has become a treasury reserve asset for some companies, including VivoPower, a clean energy firm, and Webus, a ride-hailing app.
There’s also swelling demand for XRP ETFs, including Teucrium’s leveraged XRP ETF. Teucrium now manages more capital in the leveraged XRP ETF than the rest of its usual agro-focused offerings combined, a clear sign of bubbling institutional fervour for XRP.
The share price has also ballooned in July to $48.2 from $24 at the start of the month, a 50% uptick.
And more XRP investment products are coming to the market.
This week, ProShares will launch three XRP funds that track futures or derivatives and allow traders to bet on its price movements.
