XRP Tops $1.52 as Ripple, Absa Launch Bank-Grade Crypto Custody
Ripple XRP topped $1.52 on Tuesday after gaining about 5.5%, outperforming a strong broader market, primarily driven by a bullish technical call from a veteran trader and positive institutional developments.
XRP recorded a volume spike following a bullish monthly chart from veteran trader Peter Brandt, who projected a long-term target of $5.40, along with news that Absa Bank is launching a digital asset custody service using Ripple’s technology.
Traders confirmed that the sharp rally was ignited on September 21 after veteran commodity trader Peter Brandt shared a long-term chart implying an advance to $5.40.
This was coupled with the launch of Absa Digital Asset Custody in South Africa, powered by Ripple’s technology, signalling growing institutional infrastructure.
Absa Corporate and Investment Banking launched Absa Digital Asset Custody in South Africa, a move market analysts interpreted as providing additional access to the heart of Africa’s top economy.
The new platform uses Ripple’s custody technology to give corporate and institutional clients a secure environment for safeguarding digital assets and managing the private keys used to authorise blockchain transactions.
Crypto analysts said high-profile technical analysis drove retail sentiment, while real-world banking partnerships reinforce XRP’s utility narrative, creating a powerful catalyst mix.
XRP moved in sync with a strong market where Bitcoin gained 4.37%, driven by massive spot Bitcoin ETF inflows. Concurrently, XRP’s options market priced in an 8.9% implied move, the highest among majors.
The price surge triggered a short squeeze, liquidating about $17 million in short positions. The move was not isolated; it leveraged broad risk-on sentiment and was accelerated by forced buying from leveraged traders getting stopped out.
Technically, XRP broke above the $1.45–$1.47 resistance on high volume. The immediate key level is the recent high at $1.57. The upcoming “Batch” upgrade for the XRP Ledger, which enables atomic settlements, is a key development to watch.
The breakout is technically valid, but it needs to hold above former resistance (now support) to maintain bullish momentum toward higher targets. Price action is around $1.54 resistance, with a successful hold above $1.47 support.
A close below $1.47 would suggest a false breakout and risk a deeper correction. The combination of a high-profile technical call, tangible institutional progress, and a supportive macro backdrop has propelled XRP higher, with derivatives activity confirming strong buying pressure.
