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XRP is on a rebound move as the price outlook is supported by technical indicators. Notably, the asset, which slipped below the $3 support to $2.96, has shown signs of recovery. XRP is also on track to form a golden cross, as the 9-day and 21-day moving averages look ready to intersect.
Rising XRP trading volume supports bullish outlook
According to data, this appears on track to trigger a golden flip with just one more factor left to be checked to confirm this development. As of press time, the XRP price was changing hands at $3.01, which represents a 1.73% increase in the last 24 hours, according to CoinMarketCap data.
The price gain is also supported by an uptick in trading volume. Within the same time frame, volume rose by 1.11% to $6.49 billion. The development signals renewed optimism among traders and investors in the space.
If these activities succeed in pushing XRP’s price to between $3.30 and $3.50, the coin is likely to break out in a bullish rally and may confirm the golden cross setup. The current rebound saw XRP climb from the technical support of $2.95 after it reached oversold conditions. Its Relative Strength Index had hit 48.96.
Meanwhile, as reported by U.Today, Ripple’s recent transfer of XRP worth $606 million has sparked hopes of sustained recovery on the market.
SEC’s pending XRP ETF decision, possible game-changer
On the broader market, the Securities and Exchange Commission (SEC) has shifted its decision on the XRP exchange-traded fund (ETF) to October. The decision on two proposals filed by 21Shares and CoinShares in November 2024 and January 2025 has been shifted to Oct. 23.
However, market participants and analysts alike consider the shift as a general procedure and not a delay in itself. They cite the regulatory clarity following the Ripple and SEC legal settlement as grounds for likely approval of the XRP ETF.
With XRP’s recovery on course, investors will be eyeing the $3.43 level, as a break could signal a bullish run. However, failure to sustain the rally might crash prices below $3 again.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team