The cryptocurrency market has entered a new wave of euphoria. On July 9, Bitcoin (BTC) surged past $112,000, setting a new all-time high with significant 24-hour gains. Major altcoins followed suit: Ethereum (ETH), XRP, and Solana (SOL) rose by 6.4%, 4.9%, and 3.7%, respectively. Analysts attribute the rally primarily to the strong performance of spot Bitcoin ETFs, which have now seen net inflows exceeding $14.4 billion, as well as an increasing number of corporations adding BTC to their treasuries. Concerns over de-dollarization and a 10% year-to-date decline in the U.S. Dollar Index are also seen as contributing factors.
Technical Analysis: Key Support at $2.34
Amid the broader market uptrend, XRP is nearing a major technical breakout. Arthur Azizov, founder and investor at B2 Ventures, said in a recent interview that XRP is trading near a critical level. If the price manages to hold above $2.34 for sustained periods, it is likely to move toward $2.65 and potentially reach a new all-time high. “XRP has been in a trading range since December last year, with the price expected to continue moving toward the highest level within this range,” Azizov noted. He added that once XRP breaks out of this consolidation, a strong directional move is likely. “Since XRP has been in accumulation for quite a long time, the outlook remains positive. Most likely, the breakout will be to the upside, with targets in the $4–6 range.”
Independence from Broader Market and ETF Tailwinds
Azizov stressed that XRP is one of the few digital assets that can “move independently” and is not always tied to the broader trends of other altcoins. This suggests XRP can react either less or more strongly to overall market movements. He also pointed to XRP’s past performance and the partnerships announced by its issuer, Ripple, as potential drivers for further growth. “And we can’t forget that several applications for an XRP ETF are under review by the SEC,” Azizov added. “That’s also a positive signal for the potential growth of this asset.” If approved, XRP ETFs could unlock significant institutional capital, serving as a key catalyst for a sustained rally.
At the time of writing, XRP is trading at $2.41, up about 4.9% in the last 24 hours. If the asset can maintain its footing above $2.34 and break through the $2.65 resistance, it could open a medium-term upward channel targeting north of $4. However, traders should be cautious: losing the $2.34 support may trigger a retest of $2.20 or lower.