Speculation Rises Around XRP After MoonPay Purchase and Cboe Greenlight for New Spot ETF

XRP is going through 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, pushed the token back into the spotlight.

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Together, these events have fueled debate about whether XRP is on the cusp of new institutional momentum or simply caught in another 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, showing a buy of exactly 589 XRP, triggered renewed excitement across XRP circles. The figure “589” has carried symbolic weight since 2018, when an anonymous user promoted the number as a future price target.

Its reappearance, coming shortly after the Solana Foundation also posted “589” without context, set off widespread speculation about potential hidden messaging or coordinated marketing.

The resurgence of the meme also comes amid new discussions around XRP’s long-term value. Several analysts, including the anonymous educator X Finance Bull, argue that the shift toward tokenized financial markets could significantly increase demand for XRPL-based settlement.

SEC Chair Paul Atkins recently reinforced the idea that U.S. markets will move fully on-chain within a few years, a statement that many in the XRP community interpreted as validation of XRPL’s positioning in enterprise-grade infrastructure.

Still, XRP’s price action remains under pressure. After a Federal Reserve rate cut accompanied by a hawkish outlook, ETF inflows slowed sharply, and XRP slipped below key moving averages, trading near the critical $2 support zone.

Cboe Clears XRP’s Next ETF, And Institutional Interest Builds

While community narratives dominated social media, regulatory progress offered a more tangible catalyst. The Cboe BZX Exchange approved the listing of the 21Shares XRP ETF (TOXR), moving it closer to launch.

The fund carries a 0.3% fee, uses a multi-custodian security model, and has been seeded with 100 million XRP, roughly $226 million, from Ripple Markets.

The approval comes as XRP-focused ETFs gain traction in the U.S., with at least four funds now active and inflows exceeding $900 million in recent weeks. Analysts note that institutional engagement has grown since regulators formally recognized that secondary-market XRP transactions do not constitute securities trades.

Momentum around the ETF space intensified further 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 if TOXR begins trading in the coming days.

Analysts Split on Outlook as XRP Holds Key Levels

Despite the renewed attention, analysts remain divided. EGRAG Crypto maintains a bullish long-term view, citing consolidation patterns reminiscent of XRP’s previous accumulation phases. Others caution that expectations, particularly around community-driven targets, remain far ahead of current fundamentals.

Broader adoption through RippleNet, expanding partnerships, and growing interest in XRP-based products such as ETFs and stablecoins continue to strengthen XRP’s institutional narrative. Still, macro uncertainty, legislative delays in the U.S., and competition in the digital-asset payments space present ongoing challenges.

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As both cultural and regulatory forces converge, XRP finds itself influenced by two very different engines, market infrastructure gradually opening new pathways for institutional capital, and a community whose symbolic narratives continue to shape sentiment.

Cover image from ChatGPT, XRPUSD chart from Tradingview