XRP ETF hype intensifies among crypto enthusiasts as it could potentially receive a green light this month as the deadline for Securities and Exchange Commission (SEC) nears. Notably, ProShares and Franklin Templeton recently submitted applications that will allow them to receive approval in regards to a spot XRP exchange-traded fund (ETF) soon.
The two firms have updated their applications and continued to work toward the introduction of ETFs based on XRP and Solana. With approval, XRP would join the limited ranks of cryptocurrencies transformed into spot ETFs in the U.S. with Bitcoin (BTC) and Ethereum (ETH).
ProShares has formally asked the SEC to give the final ruling on its XRP and Solana ETFs by June 25, 2025. However, the application of Franklin Templeton is a bit faster as the deadline of the decision is on June 17.
Upon approval of these ETF, users would have the first U.S. regulated spot XRP ETF, exposing institutional players to regulated access to the asset. This is likely to increase the liquidity of XRP token, its adoption, and long-term profitability.
XRP’s Latest Price Action Amid On-chain Movement
On the other hand, when looking at the on-chain data, the average daily active addresses on the XRP ledger has been approximately 295,000 over the last week, as compared to the 3-month average of 35,000 to 40,000. This spike suggests that the network is being used more frequently mostly due to anticipation growth and optimism in the market.
Additionally, the total wallets that contain XRP of 1 million or more (about 2.25 million or higher) have exceeded 2,700 wallets for the first time in over 12 years of the existence of XRP. Such wallets, more commonly identified as whales and sharks, increase the confidence among the high-net-worth owners.
Let us now understand how the rising possibilities of XRP ETF could impact the XRP price prediction this month!
The XRP price makes a sharp comeback with a 7.35% jump within 24 hours. With a 148.09% surge to $3.74 billion in its daily trading volumes, the XRP token has reclaimed the market capitalization of $136.6 billion. Following this, its dominance has risen to 3.9766%.
The EMA 200-day acts as a major support around the $2 mark, while the 50-day EMA has witnessed a bullish convergence just above the $2.25 mark. This suggests an increasing buying pressure for the altcoin in the crypto market. Considering this, the XRP price may continue rising this week.
The Relative Strength Index (RSI) shows a positive reversal above the oversold range, resulting in it breaching the halfway mark and is currently valued at 55.46. A sustained price sentiment could result in it heading toward the overbought range within the shorter time frame.
What’s Next for XRP Price?
The XRP coin price could breach its immediate resistance of $2.35 and retest its price targets of $2.57 or $3 in the upcoming time. However, resign optimism and a potential approval of XRP ETF could push the price toward its upper range of $3.50 or above this month.
On the contrary, a bearish pullback may result in it retesting its immediate support of $2.14. A delayed decision or a negative result may pull the price toward its lower support trend levels of $2 or $1.94 in the upcoming time.
