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XRP, within the last seven days, lost over 6.50% as the price dropped from $3.15 to a low of $2.84. In the last 24 hours, however, the asset has gained over 2% in a rebound move that suggests it might have bottomed out.
SEC optimism and ETF speculation fuel market sentiment
As per CoinMarketCap data, XRP, as of press time, is changing hands at $2.91. The asset rode on the back of the broader crypto market rebound as news filtered in from the U.S Securities and Exchange Commission (SEC).
Notably, SEC Chair Paul Atkins has sparked regulatory optimism after he signaled that fewer tokens will be classified as securities. The statement is considered bullish, particularly after an end to the Ripple vs. SEC lawsuit.
This has once again triggered optimism of possible approval of the XRP spot exchange-traded fund (ETF). Speculators are predicting a 95% chance of approval by October 2025. These developments have supported XRP’s recovery in the market space.
With XRP now trading above the $2.88 resistance level, the asset has short-term bullish potential. However, ecosystem investors are yet to support its upward journey to reclaim the $3 price level.
This is because the trading volume remains in the red zone by 29.36% at $5.4 billion, while the Relative Strength Index (RSI) indicates neutrality at 45.28.
XRP faces resistance at $3 despite bullish outlook
Given the bullish sentiment surrounding XRP, if volume increases, it might catalyze the coin to break $3.03. Such a development could help the asset target higher price levels like $3.40.
As reported by U.Today, a mysterious large transaction at the start of the week was considered a positive catalyst move as it signaled accumulation. The transaction, worth $606 million, according to XRP’s market price at the time of execution, sparked hopes for price reversal.
However, some investors in the XRP community believe the price dips are a result of the August curse on the asset. After the coin was unable to stay above the $3 level, they are looking forward to September for a potentially better performance in price.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team