The cryptocurrency market witnessed a significant uptick in XRP prices recently, driven by mounting optimism surrounding the potential approval of a spot XRP ETF. The price of Ripple (XRP) soared to $2.78 on Friday, marking its highest level of the month and representing a remarkable 50% increase from February’s lows.
This surge can be attributed to an 80% probability of approval for the spot XRP ETF according to the Polymarket prediction market, which has recorded a trading volume of $37,000. Such predictions have demonstrated a notable accuracy in the past, including the recent U.S. presidential election outcomes.
Interest in XRP ETFs from companies such as Grayscale, CoinShares, WisdomTree, 21Shares, and Bitwise has intensified as analysts anticipate a more favorable stance from the SEC under the leadership of Paul Atkins, compared to the previous administration headed by Gary Gensler. In a significant move, the SEC has acknowledged XRP ETF applications such as those filed by Grayscale, initiating a crucial 240-day review period.
Moreover, XRP’s positive price trajectory is not an isolated event; it coincides with substantial gains in other XRP Ledger ecosystem tokens. Notably, the XRP Army token experienced a 26% increase within 24 hours, along with XPmarket, BearXRPL, and DROP, which all boasted gains exceeding 18% in the same timeframe.
Moving forward, analysis of XRP’s price charts reveals a mix of bullish and bearish signals for investors to consider. The weekly chart illustrates the volatility that has characterized XRP this year, including its recent drop to a low of $1.8012 before rebounding spectacularly. The formation of a hammer-like candlestick pattern suggests potential bullish reversal, amidst warnings of approaching resistance levels within the Murrey Math Lines’ extreme overshoot zone.
For XRP to maintain its positive momentum, it must aim to break through last year’s high of $3.40, a feat easier said than done. As the market reacts to ongoing developments across broader regulatory landscapes, investors must stay informed to navigate the shifting tides in cryptocurrency trading.
