- XRP has rebounded from a low of US $2.10 to hover around US $2.70, with a particularly strong performance this week.
- Industry optimism is growing for new crypto ETF approvals, with XRP potentially benefiting from regulatory decisions.
- Analysts predict that XRP’s momentum could push its price above US $6 if the SEC/XRP legal battle resolves favorably, although a more tempered analysis forecasts a push above US $2.80.
XRP has recovered from its monthly low of US $2.10 (AU $3.28) to trade at around US $2.70 (AU $4.21) for the best part of this week.
It caps off a steady market turnaround over the last 48 hours, with most coins in the top ten demonstrating their strength.
But XRP has been the top performer of this bunch, with the Ripple Labs project gaining 7% amid this week’s acknowledgment of spot XRP ETF filings by the Securities and Exchange Commission.
So now the question remains – can XRP continue building this momentum? Or will we have to wait to hear more from the SEC before it potentially breaks out?
Related: Trump Post Boosts XRP 6% While SEC Filing Language Fuels Commodity Speculation
XRP ETF and End of SEC Legal Battle Could Push XRP to New Heights, Analyst Says
Optimism is mounting across the industry that the newly formed Securities and Exchange Commission will approve a swathe of new exchange-traded crypto funds over the coming months.
Bloomberg analysts James Seyffart and Eric Balchunas believe a Litecoin approval might be the first cab off the rank – but XRP may not be too far behind.
The Securities and Exchange Commission has now acknowledged four XRP ETF filings, following the announcement of a CoinShares product. This puts the SEC on a 240-day timer to either approve or decline (or…delay) the new funds.
According to social media analyst Polly, the coin’s ETF momentum could push XRP above US $6 (AU $9.37) within the month, with the coin’s chart forming a ‘God candle’. According to the trader, the major catalyst for XRP’s next push will be the resolution of the SEC/XRP legal battle.
Open Interest Falls as XRP Eyes US $2.80 Resistance
Despite the sentiment starting to shift, some in the community believe we may be left waiting for a decision before XRP really comes to the fore.
According to data sourced from Coinglass, Futures Open Interest for XRP on exchanges is sitting at around US $4b (AU $6.24b). This is 63% lower than the January high of US $7.7b (AU $12b), suggesting investors have moved away from XRP for the time being.
Another social media analyst going by Dom, believes XRP is facing strong resistance at US $2.80 (AU $4.37). Breaking out of this range will be the first step toward a new all-time high – but it may take several major news events to get there.
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