Key Insights
- XRP price jumped more than 15% in the last 48 hours amid rising speculation about XRP ETF.
- XRP flows are back in the green, fueling momentum for a recovery.
XRP price has recently exhibited a resurgence in bullish sentiment, surging approximately 15% in the last 48 hours. This upward movement can mainly be attributed to emerging hope about the potential ETF approval of an XRP exchange-traded fund (ETF).
The recent SEC acknowledgment of Grayscale’s application to list an XRP ETF represents an important milestone that boosts investor confidence.
At press time, XRP price was trading at $2.79, witnessing a rise of over 8.79% in the past 24 hours. Its market cap stood at $161.54 Billion, and the trading volume jumped over 62%. It exhibits rising investor participation.
Grayscale’s ETF Application Gains SEC Approval
Grayscale succeeded in securing approval from the U.S Securities and Exchange Commission (SEC) to introduce an ETF that encompasses XRP and DOGE. This SEC approval brings institutions one step closer to investing in cryptocurrencies beyond BTC and ETH.
While the acceptance does not imply immediate approval, it signals a willingness from regulators to consider a broader range of crypto assets for financial products. Grayscale’s move comes after the successful transformation of its Bitcoin Trust into a spot ETF. That has reinforced its position as a leading player in the market.
The approval process requires extensive regulatory review since both XRP and DOGE faced regulatory issues in the past. These exchange-traded funds’ approval may lead to better liquidity and broader public adoption of the two altcoins.
It will certainly attract more market investors and that can boost XRP price. The market closely follows the SEC’s next moves because the decision establishes an example for potential new altcoin ETF approvals.
XRP Price Repeats 2017 Cycle: Will History Repeat with a Surge?
A recent Tweet by Steph Is Crypto highlighted that XRP price action mirrored the 2017 cycle phase, which resulted in a massive rally.
According to the analyst, if that cycle repeats again, XRP price could see a major upward movement and may rally to $30+. Currently, XRP crypto price was edging closer to a symmetrical triangle pattern breakout. It may break its ATH zone soon, and that would be a trending XRP news.
Furthermore, Steph confirms that XRP’s coin daily chart observation noted a bullish crossover on the MACD indicator. That could fuel a price rally next. In case of a move past the $3 mark, XRP price might reclaim the ATH trajectory soon.
XRP Price Prediction: What Do Charts Indicate?
XRP price prediction underlined a bullish outlook as it saw bullish sentiment in the last few sessions. XRP’s price saw a bullish streak and jumped more than 15% in the past 48 hours.
Despite broader market instability, XRP held ground and climbed above the key EMAs, replicating bulls’ dominance on the charts. Furthermore, it is evidenced by the soaring demand highlighted by the spot inflow/outflow data.
The spot outflow has been mostly negative for the last two weeks but recently flipped into the green zone in the last two days. Moreover, the Open Interest has risen over 14% to $4.32 Billion in the past 24 hours.
It highlights rising investor participation and heightened demand for the long contracts which could fuel further upward movement ahead. The immediate support zones for XRP Price were $2.50 and $2.40, whereas the upside hurdles were $3 and $3.0.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.