XRP Spikes 2% As ETF Odds Jump To 85%: Is A Breakout Rally Ahead?

XRP XRP/USD is showing signs of renewed momentum, rising over 2% as optimism grows around a potential spot ETF approval.

Trader Notes: Traders are turning bullish, citing technical breakouts and rising market interest.

Crypto trader The Cryptomist highlighted a recent breakout and successful retest on the XRP chart, noting a "bullish response" and setting a short-term target of $2.50.

Crypto trader Brett pointed out that significant liquidity is building near the $2.70 level, suggesting a potential price surge or liquidity grab if XRP tests that zone.

The concentration of orders could lead to heightened volatility or a rapid breakout, he noted.

Statistics: Coinglass data shows XRP liquidations reaching $2.8 million, including $2.04 million in shorts.

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This indicates traders were caught off-guard by the price jump, a potential sign of shifting sentiment.

Open interest jumped 4.1% to $3.87 billion, reinforcing growing trader confidence in XRP's upside potential.

Community News:  Ripple, the issuer of XRP, reportedly made a buyout offer for Circle, the company behind USDC.

According to Bloomberg via CoinDesk, the offer was rejected, though Ripple is said to still be interested in a deal, with no decision yet on a second bid.

Meanwhile, Bloomberg ETF analyst Eric Balchunas revealed that XRP ETF approval odds have surged to 85%, up from 65% earlier this year.

This comes as CFTC-regulated XRP futures launched on April 21, potentially paving the way for spot ETF listings.

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