Ripple’s XRP has gained strong upward momentum due to the U.S. Securities and Exchange Commission (SEC) accepting Grayscale’s application to launch an exchange-traded fund (ETF) for XRP.
As per CoinMarketCap, the price of XRP has reached a 12% high, breaking through the $2.50 resistance level. Currently, the XRP is trading at $2.72, and the market cap has also reached $157.79 billion.
Today, the SEC accepted Grayscale’s application for an XRP ETF, marking a significant step toward broader institutional adoption of XRP. Also, this indicates a more favourable regulatory environment for cryptocurrencies, especially under the current administration. This has boosted investor confidence, leading to increased buying activity and driving XRP’s price higher.
Grayscale’s decision comes after successfully turning its Bitcoin Trust into a spot ETF, strengthening its role in the industry. The SEC will carefully review the approval process, especially due to past concerns about XRP and DOGE. If approved, these ETFs could bring more liquidity and increase mainstream adoption, attracting more investors.
The 4-hour chart shows XRP rebounding from a correction, forming a WXY pattern. After reaching key support at $2.00 on Feb 3, buyers stepped in, pushing the price higher.
XRP broke past the $2.53 resistance, signalling strong buying momentum. This breakout aligns with the end of a downward trend and sets the stage for a move toward the next resistance at $2.77. A clear break above this level could confirm a larger uptrend toward $3.08 and beyond.
Indicators suggest bullish momentum, but with the RSI nearing overbought levels, a pullback is possible. The $2.53 level is crucial—holding above it supports further gains, while dropping below may lead to a correction toward $2.26.
Elliott Wave analysis points to a new bullish phase, with targets between $3.31 and $3.59. Traders should watch volume closely, as weaker buying pressure could signal a short-term pullback before further gains.
Also Read: XRP price targets $8 as ETF approval speculation intensifies
