XRP continues the week under a renewed wave of speculation as two separate developments, a MoonPay purchase that revived a long-running community meme and the Cboe approval of a new spot ETF, have put the token back in the spotlight.
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Together, these events have fueled the debate over whether XRP is on the cusp of new institutional momentum or simply trapped in a new cycle of community-driven enthusiasm.
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, involving a purchase of exactly 589 XRP, caused renewed excitement in XRP circles. The number ‘589’ has held symbolic weight since 2018, when an anonymous user promoted the number as a future price target.
His return, shortly after the Solana Foundation also posted “589” without context, cause widespread speculation about possible hidden messages or coordinated marketing.
The meme’s revival also comes amid new discussions about the long-term value of XRP. Several analysts, including anonymous educator X Finance Bull, claim that the shift to tokenized financial markets could significantly increase demand for XRPL-based settlements.
SEC Chairman Paul Atkins recently reinforced the idea that US markets will go fully on-chain within a few years, a statement that many in the XRP community interpreted as an affirmation of XRPL’s positioning in enterprise-level infrastructure.
Still, XRP’s price action remains under pressure. Following a rate cut by the Federal Reserve, which was accompanied by a hawkish outlook, ETF inflows slowed sharply and XRP fell below the major moving averages, pushing trading near the critical $2 support zone.
Cboe Approves XRP’s Next ETF and Institutional Interest Rises
While community stories dominated social media, regulatory progress provided a more tangible catalyst. The Cboe BZX Exchange has approved the listing of the 21 Shares XRP ETF (TOXR), closer to launch.
The fund has a 0.3% fee, uses a multi-custodian security model and is backed with 100 million XRP, approximately $226 million, from Ripple Markets.
The approval comes as XRP-focused ETFs are gaining traction in the US, with at least four funds now active and inflows of more than $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.
Momentum around the ETF space continued to increase after FalconX acquired 21Shares, giving the issuer expanded access to institutional distribution, market making and liquidity infrastructure. Market observers say the merger could accelerate capital inflows when TOXR starts trading in the coming days.
Analysts are divided on the prospects as XRP has key levels
Despite the renewed attention, analysts remain divided. EGRAG Crypto maintains a bullish long-term view, citing consolidation patterns reminiscent of XRP’s earlier accumulation phases. Others warn that expectations, especially around community-driven goals, remain far ahead of current fundamentals.
Wider adoption through RippleNet, expansion of partnerships, and growing interest in XRP-based products such as ETFs and stablecoins continue to strengthen XRP’s institutional story. Still, macro uncertainty, US regulatory delays, and competition in digital asset payments pose ongoing challenges.
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As both cultural and regulatory forces converge, XRP is influenced by two very different engines: market infrastructure gradually opening new avenues for institutional capital, and a community whose symbolic narratives continue to shape sentiment.
Cover image of ChatGPT, XRPUSD chart from Tradingview