Key Takeaways:
- XRP rose 17 percent to $1.30 on Aug. 21, with volume up 127 percent to $8.17 billion
- A falling wedge pattern on the weekly chart targets a rally to $1.71
- Spot XRP ETFs logged $13.24 million in inflows, the most since June 29
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XRP jumps 17% to $1.30 as wedge breakout targets $1.71
XRP rose 17 percent to $1.30 on Aug. 21 as a falling wedge pattern pointed to a rally toward $1.71.
Ripple Chief Executive Brad Garlinghouse said at the Wyoming Blockchain Symposium that the company is on track to double revenue in 2026, citing the acquisitions of Hidden Road and GTreasury.
XRP has gained 31 percent in three days, with the relative strength index climbing from an oversold reading of 30 on Aug. 10 to 49 on Aug. 21. Spot XRP ETFs recorded $13.24 million in net inflows on Aug. 20, the largest single-day total since June 29, according to SoSoValue data.
The token is testing resistance at the 200-day exponential moving average of $1.36; a close above that level would confirm the long-term trend has turned bullish, while a failure could pull XRP back to psychological support at $1.20.
Garlinghouse also said Ripple is "more neutral" on an initial public offering than it has been, fueling speculation the company could list. Ripple is expanding into traditional finance, partnering with Clearpool and Cicada to bring institutional credit to the XRP Ledger.
Total value traded for XRP ETFs has reached $125 million, with the Bitwise XRP ETF accounting for $83 million since launch, per SoSoValue. The inflows came as all crypto ETFs drew $885 million on Aug. 20, led by Bitcoin's $606 million.
Whales accumulated more than 300 million XRP tokens over 96 hours, according to on-chain tracking, adding to the bullish setup. The funding rate for XRP futures hit its highest level in months, though an RSI near 82 on shorter timeframes warns of possible short-term volatility.
The rally has pushed XRP above key moving averages, with the token trading near a three-month high. Resistance sits at $1.40 and $1.45-$1.50, while holding above $1.34 is seen as critical to sustaining the bullish trend, according to technical analysis.
If XRP confirms the wedge breakout with a weekly close above the upper trendline, the next target is $1.71. Sustained ETF inflows and continued whale accumulation would support that path, while a drop below $1.20 would invalidate the bullish setup and open the door to a retest of August lows near $0.99.
This article is for informational purposes only and does not constitute investment advice.
