Having been involved in the crypto space for years, the recent XRP price movement didn't surprise me. From $2.15 soaring to over $2.3, it certainly sparked many cheers of "The bull market is back." But things are never that simple; we need to look deeper.

**What do the key support levels and technical analysis say?**

After XRP stabilized above $2.15, it started gaining momentum, quickly rising above $2.3. Why is this price level so critical? Because it has served as resistance over the past two weeks and coincides with the 50-day moving average support. The daily chart has formed a bullish flag pattern. If the short-term support holds at $2.25, then $2.8 could be an interesting target. But a word of caution — the $2.4 to $2.6 range is filled with selling pressure. Previous attempts to push higher were mostly rejected here, and this time is no different.

**What does "institutional frenzy" really mean?**

It might sound exaggerated, but capital is indeed flowing in. Recently, two institutions filed for XRP ETFs, and combined with existing products from Grayscale, Franklin Templeton, and others, it has attracted some traditional capital attention. On-chain data is even more interesting — XRP holdings on exchanges have hit a seven-year low. This suggests large holders are accumulating, or are they preparing to sell off? Most likely the former.

The issue is, ETF approval hasn't been officially granted yet; it's just market anticipation. If regulators delay or outright reject the application, a short-term correction is almost certain.

**Are on-chain metrics really exploding?**

Active addresses are rising, and network transaction speeds are increasing, indicating user engagement is indeed heating up. But the tricky part is — these indicators can rise at any time and don't necessarily reflect a solid fundamental backing.