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XRP, the third largest cryptocurrency by market capitalization, has risen more than 17% since the past week due to positive developments surrounding potential crypto exchange-traded funds (ETF).
In a Feb. 13 filing, the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale’s Form 19b-4 application to list XRP ETFs. Following the favorable news, the betting odds on an XRP ETF approval in 2025 jumped to 81% on Polymarket.
After days of consolidating between $2.26 and $2.54, XRP began to tick higher from lows of $2.33 on Feb. 12.
Tomiwabold OlajideXRP rallied past the daily SMA 50 at $2.668, a previous support that turned resistance lately, demonstrating a sweep of upward liquidity that pushed its rally to intraday highs of $2.83 in Saturday's trading session. If today closes in green, XRP will mark its fourth consecutive day of gains.
Can XRP recover to $3?
Currently, buyers are attempting to reinforce their position by keeping the price above moving averages, in this case, the daily SMA 50 at $2.668. If they succeed, XRP could break through the $2.91 barrier and eventually hit $3. If the price recovers $3, XRP may aim for a retest of the $3.4 high.
At the time of writing, XRP was up 1.99% in the last 24 hours to $2.8 and up 17% weekly.
If the price turns down from current levels, bulls might aim to flip the daily SMA 50 into support. If this fails, XRP might return to its prior range and consolidate between $2.26 and $2.54 for a little while.
In positive news, the XLS-56 amendment is now live on XRP Ledger (XRPL), allowing for bundled transactions of up to eight in a single operation. This improves transaction synchronization and control, as well as efficiency and user experience, and comes just when AMM swap volumes and new wallet creations increase.
Denys Serhiichuk
Godfrey Benjamin
Dan Burgin
Vladislav Sopov