XRP price has regained strength, moving past $3.0 levels amid the broader crypto market rally. Technical charts show that the recent breakout by the Ripple cryptocurrency sets the stage for an even higher rally to $10. In the latest development, Ripple partner SBI Holdings expanded its institutional XRP lending services, highlighting Japan’s growing commitment to the crypto sector.

XRP Price Eyes Immediate Rally to $4.8

Crypto analyst Javon Marks highlighted that XRP is gaining momentum following a retest of a recent breakout. According to Marks, the cryptocurrency’s $4.804 target remains achievable. He also suggested that the XRP price may be in the early stages of a significant upward move.

Other market analysts have been suggesting even higher price targets for the Ripple cryptocurrency. Cryptocurrency analyst EGRAG CRYPTO has published a multi-year technical analysis of XRP/USD showing a potential ascending channel pattern labeled “Chasm”. The chart shows that the XRP price can touch $10.30 by mid-2020s.

The $10.3000 target represents approximately a 240% gain from current levels. Sharing similar price targets, Crypto analyst Dark Defender published an Elliott Wave technical analysis of XRP/USD on the weekly timeframe.

XRP price shows three key Fibonacci Extension levels, such as the 23.60% extension at $2.2280, the 50% extension at $2.6460 ,and the 261% extension that features multiple levels such as $4.1711, $5.8563, and ultimately $10.4765.

October has started on a pretty strong note for the entire crypto market despite the US government shutdown. Amid the expectations of the Uptober rally , the ripple cryptocurrency could see strong gians.

Ripple Institutional Demand Rising

The recent XRP price rally came on the heels of an announcement from Japan’s SBI Holdings, which introduced a new institutional lending program for XRP. The initiative is designed to support large-scale payment applications, signaling increased adoption of the token in enterprise use cases.

Additionally, the demand of the Ripple cryptocurrency as a crypto treasury asset is also growing. Nasdaq-listed VivoPower International PLC announced it has raised $19 million through an equity offering. The company said that it will allocate the proceeds to further expand its XRP holdings.

The company issued new shares at $6.05 each, above its previous closing price. This follows an earlier Regulation S offering and marks further progress in VivoPower’s digital treasury strategy.

Read original story XRP Price Breakout Sets Stage for Rally to $10 as Institutional Lending Begins by Bhushan Akolkar at Coinspeaker.com