XRP Eyes $3.20 Target After Key Chart Breakout

- XRP breaks out of long-term chart pattern, signals 40% rally potential - Institutional demand and strategic developments drive optimism XRP has experienced a major technical breakout that could lead to significant gains. On July 3, 2025, Cointelegraph reported that XRP successfully exited a long-term "pennant" pattern on its weekly chart, a move suggesting a possible 40% rally to a target price of $3.20. This milestone coincides with a 30% increase in futures open interest over the past ten days, which now totals $4.75 billion. Analysts believe this indicator reflects strengthening institutional interest. Currently trading in the $2.25 to $2.30 range, XRP has risen over 5% in the last 24 hours and more than 6% for the week. This price action coincides with broader market shifts that boost sentiment. For instance, Ripple applied for a U.S. banking license on July 2. This move signals the company’s intent to deepen regulatory engagement and diversify its financial services, which industry observers note aligns with a recent trend of major crypto organizations, such as Circle, integrating further into traditional financial ecosystems. To further drive momentum, Ripple solidified a new partnership with financial infrastructure provider OpenPayd to enhance its cross-border payment capabilities. A critical part of this collaboration involves Ripple’s USD-backed stablecoin, RLUSD, which Ripple will use OpenPayd to mint and burn directly. To support liquidity, Ripple has already issued 14 million RLUSD tokens under this arrangement, marking another step toward mainstream financial integration. In addition, developments in the exchange-traded fund (ETF) space have buoyed market sentiment. Bloomberg analysts estimate a 95% likelihood that the SEC will approve a spot XRP ETF, reflecting growing regulatory receptiveness. This analysis follows the SEC's recent approval to convert Grayscale’s Digital Large Cap Fund into a spot ETF. The market expects a final decision on XRP ETF applications around October 2025, adding to the anticipation. As of 17:08 UTC on July 3, XRP was trading at $2.263, down 0.09% over the past 24 hours. Despite this minor decline, however, trading volume surged by 27.646% in the same period, underscoring the heightened market activity.