XRP is back in the spotlight after confirming a bullish pennant on its weekly chart. On July 3, 2025, XRP broke above the pennant’s descending trendline at $2.21. This means there might be a potential rally soon.
At the time of writing this report, the XRP is trading for $2.26 after a 6.85% surge over the last 7 days from a previous low of $2.06, according to CoinMarketCap.
This came shortly after Ripple, the company behind XRP, applied for a U.S. banking license. At the same time, the U.S. Securities and Exchange Commission recently gave the green light for Grayscale’s Digital Large Cap Fund (GDLC) to become a spot ETF.
One fact that adds to the momentum is the rise in XRP’s futures open interest (OI), which surged 30% over the last 10 days, hitting $4.75 billion. This was backed by an 11% jump in just the past 24 hours, according to data from CoinGlass.
When open interest grows while price goes up, it means more traders are joining in, and that’s usually a strong sign. A lot of this new interest seems to be coming from big investors. At this speed, it can easily surpass $5 billion anytime soon.
Currently, the long/short ratio across all exchanges for XRP stands at 68% in favor of longs. This indicates that the majority of traders are expecting the price to increase, but it also increases the risk of long liquidation in case of a steep fall in prices.
Meanwhile, the pattern is similar to what happened when President Trump paused tariffs for 90 days. At the time, XRP’s OI jumped from $3 billion to $5.75 billion between April 9 and May 14. In the same stretch, the price surged 65%, from $1.61 to $2.65. Many traders now expect a similar outcome in this breakout.
Moreover, a well-known crypto trader who goes by the name “Best Analysts” has shared a chart on X that shows XRP trading close to the top of a bullish pennant on the daily chart, with a possible target of $3.40.
The pennant formed between December 2024 and July 2025 and had a wide range. The projected target of $3.20 comes from measuring the height of the pennant. This means XRP could rise 40% from its current level if the breakout holds strong.
Also Read: Crypto Price Today (July 3): Bitcoin Hits $110K, Ethereum at $2600 as Top Altcoins Rally
