XRP Price Breakout Sets Stage for Rally to $10 as Institutional Lending Begins

XRP XRP $3.04 24h volatility: 1.7% Market cap: $181.75 B Vol. 24h: $7.13 B price has regained strength, moving past $3.0 levels amid the broader crypto market rally. Technical charts show that the recent breakout by the Ripple cryptocurrency sets the stage for an even higher rally to $10. In the latest development, Ripple partner SBI Holdings expanded its institutional XRP lending services, highlighting Japan’s growing commitment to the crypto sector.

XRP Price Eyes Immediate Rally to $4.8

Crypto analyst Javon Marks highlighted that XRP is gaining momentum following a retest of a recent breakout. According to Marks, the cryptocurrency’s $4.804 target remains achievable. He also suggested that the XRP price may be in the early stages of a significant upward move.

Other market analysts have been suggesting even higher price targets for the Ripple cryptocurrency. Cryptocurrency analyst EGRAG CRYPTO has published a multi-year technical analysis of XRP/USD showing a potential ascending channel pattern labeled “Chasm”. The chart shows that the XRP price can touch $10.30 by mid-2020s.

The $10.3000 target represents approximately a 240% gain from current levels. Sharing similar price targets, Crypto analyst Dark Defender published an Elliott Wave technical analysis of XRP/USD on the weekly timeframe.

XRP price shows three key Fibonacci Extension levels, such as the 23.60% extension at $2.2280, the 50% extension at $2.6460 ,and the 261% extension that features multiple levels such as $4.1711, $5.8563, and ultimately $10.4765.

October has started on a pretty strong note for the entire crypto market despite the US government shutdown. Amid the expectations of the Uptober rally, the ripple cryptocurrency could see strong gians.

Ripple Institutional Demand Rising

The recent XRP price rally came on the heels of an announcement from Japan’s SBI Holdings, which introduced a new institutional lending program for XRP. The initiative is designed to support large-scale payment applications, signaling increased adoption of the token in enterprise use cases.

Additionally, the demand of the Ripple cryptocurrency as a crypto treasury asset is also growing. Nasdaq-listed VivoPower International PLC announced it has raised $19 million through an equity offering. The company said that it will allocate the proceeds to further expand its XRP holdings.

The company issued new shares at $6.05 each, above its previous closing price. This follows an earlier Regulation S offering and marks further progress in VivoPower’s digital treasury strategy.

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