XRP is experiencing a week under a recent wave of speculation as two separate events – the MoonPay purchase that revived a long-running social media meme and Cboe’s approval of a recent spot ETF – put the token back in the spotlight.
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Collectively, these events have fueled the debate about whether XRP is on the cusp of recent institutional momentum or simply entering another cycle of community-driven exuberance.
XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
Community signals collide with market memes
A routine Apple Pay purchase posted by MoonPay showing a purchase for exactly 589 XRP has sparked renewed excitement in XRP circles. The number “589” has carried symbolic weight since 2018, when an anonymous user promoted the number as a future price target.
His reappearance shortly after The Solana Foundation also published “589” without context, they have sparked widespread speculation about a potential hidden message or coordinated marketing.
The resurgence of this meme also comes amid recent discussions about the long-term value of XRP. Several analysts, including anonymous educator X Finance Bull, argue that the shift towards tokenized financial markets could significantly enhance demand for XRPL-based settlements.
SEC Chairman Paul Atkins recently reinforced the view that U.S. markets will move completely online within a few years, which many in the XRP community interpreted as confirmation of XRPL’s position in enterprise-grade infrastructure.
Still, XRP price action remains under pressure. Following a hawkish Federal Reserve rate cut, ETF inflows slowed sharply and XRP fell below key moving averages, trading near the critical $2 support zone.
Cboe Clears Another XRP ETF, and Institutional Interest Is Growing
While social narratives dominated social media, regulatory progress became a more real catalyst. The Cboe BZX stock exchange approved the listing of 21 Shares XRP ETF (TOXR), moving it closer to the start.
The fund charges a 0.3% fee, uses a multi-custodian security model, and has received 100 million XRP, or about $226 million, from Ripple Markets.
The approval comes as XRP-focused ETFs are gaining traction in the U.S., with at least four funds currently vigorous and inflows exceeding $900 million in recent weeks. Analysts note that institutional involvement has increased since regulators formally recognized that secondary market XRP transactions do not constitute securities transactions.
The momentum around the ETF space has intensified even further following FalconX’s acquisition of 21Shares, providing the issuer with expanded access to institutional distribution, market making and liquidity infrastructure. Market observers say the merger could accelerate capital inflows if TOXR begins trading in the coming days.
Analysts are divided on forecasts as XRP holds key levels
Despite renewed interest in the issue, analysts remain divided. Crypto EGRAG maintains a bullish long-term outlook, citing consolidation patterns reminiscent of previous phases of XRP accumulation. Others warn that expectations, especially around community-driven goals, continue to far exceed current assumptions.
Broader adoption via RippleNet, expanding partnerships, and growing interest in XRP-based products such as ETFs and stablecoins continue to strengthen the institutional narrative of XRP. Still, macroeconomic uncertainty, U.S. legislative delays and competition in digital asset payments pose ongoing challenges.
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As cultural and regulatory forces converge, XRP is being driven by two very different engines, a market infrastructure that is gradually opening recent avenues for institutional capital, and a community whose symbolic narratives continue to shape sentiment.
Cover photo from ChatGPT, XRPUSD chart from Tradingview
