Key Insights:
- Despite BlackRock rejecting plans for XRP ETF, crypto market analysts continue to be bullish about XRP price action.
- Technical signals, including an MVRV golden cross previously linked to gains of 54% and 630%, suggest potential targets of $5 to above $15.
- Ripple and the SEC have withdrawn their appeals, paving the way for greater institutional interest into XRP.
XRP price shot up to $3.5 soon after the Ripple lawsuit settlement this Thursday, August 7. However, the Ripple cryptocurrency is seeing some pullback after asset manager BlackRock denied any plans to file for an XRP ETF with the U.S. Securities and Exchange Commission (SEC). Market analysts are curious whether XRP will once again test the support at $3.0, or continue its rally to fresh all-time highs.
XRP Price Flashes A Golden Cross
XRP bulls have struggled to keep momentum after a sharp 15% upside following the Ripple lawsuit settlement. The XRP price is currently resting at $3.30, while daily trading volumes have tanked by 36% under $7.5 billion. The XRP whale distribution also induced some selling pressure earlier this week.
However, market analysts remain optimistic about XRP moving forward from here. Crypto analyst Ali Martinez noted that the Market Value to Realized Value (MVRV) ratio for XRP has flashed a golden cross. According to Martinez, the last two occurrences of this signal coincided with price surges of 630% and 54%, respectively.
As a result, the next immediate XRP price target remains at $5, if we consider a 54% upside. But if the bulls carry the price action ahead, with 630% upside, it could trigger a rally above $15.
XRP Price To Continue, Eyeing 21% Dominance in 2025
Another popular crypto analyst, EGRAG Crypto, noted that XRP market dominance is likely to increase. As of now, the Ripple cryptocurrency contributes less than 6% to the overall crypto market cap. However, market analyst believes that this share could rise to 21% by the end of 2025.
This could push XRP to new price discovery levels in double-digits. However, EGRAG Crypto mentioned that “XRP is holding above $3.30 so far, but all we need is a daily close with a full body candle above $3.45”.
The XRP price is already up by a staggering 60% since the beginning of 2025. Moreover, ending the Ripple lawsuit could lead to greater institutional participation in the Ripple cryptocurrency. As per Ali Martinez, whales purchased a staggering 50 million XRP in the last 48 hours.
Following the Commission’s vote on August 7, Ripple and the US SEC jointly filed with the U.S. Court of Appeals for the Second Circuit to withdraw their appeals. This regulatory clearance is a green signal for fresh investor participation.
However, the world’s largest asset manager, BlackRock, isn’t keen on pursuing a spot XRP ETF at the moment.
BlackRock Denies Plans for Spot XRP ETF
Following the Ripple lawsuit, hopes of a BlackRock XRP ETF shot up significantly. However, on Friday, the asset manager said that there are no such plans at the moment. Speaking on the development, ETF Store President, Nate Geraci criticized the asset manager’s exclusive focus on Bitcoin and Ethereum.
He also cautioned BlackRock that it could lose market share to competitors as the crypto ETF market develops. In his message on the X platform, Geraci wrote:
BlackRock executives have consistently emphasized that client demand for cryptocurrencies beyond Bitcoin and Ethereum remains limited. Back in December 2024, Robert Mitchnik, head of Digital Assets at BlackRock, said that there’s “very little” demand for other crypto ETFs.
However, one thing to keep in mind is that the regulatory landscape has shifted to a great extent since then. The Trump administration has introduced several crypto-friendly policies with the SEC having a more serious look at crypto ETFs.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
