- XRP is now trading around $2.53, with RSI, MACD showing a bullish momentum.
- Spot XRP ETF approval under the SEC decision surges optimism in traders.
- Technical charts highlight bullish signs from traders and whales.
XRP still attracts attention in the market. However, once the coin was known mainly for its border payments, it is now in focus of renewed ETF speculation. At press time, the coin is trading at $2.53 with an increase of 10.7% over the past 24 hours.
Excitement Builds With Spot ETF
The recent post by user JackTheRipper on X had traders wondering about the Spot ETF. Investors and traders are hopeful that the next SEC approval will be for XRP after Bitcoin and Ethereum. There is a feeling of optimism throughout the market. The whole crypto world is now eagerly awaiting approval, given that it will prompt more inflows after being signed off.
The Coin is Showing Signs of Bullish Pressure
When looking at TradingView data, the momentum of the coin looks to be improving. The indicators show strong bullish pressure, the RSI is currently at above 60, and the MACD line is hovering near a bullish crossover meaning indicating upside momentum. The main support level is around $2.30, and resistance is around $2.75. If the coin breaks above this range, it is reasonable to expect a move towards the $3.00 mark in the near term.
Also Read: XRP Hits $2.40: Can Ripple’s $500M Boost Fuel More Gains?
Open Interest Crests Near $10 Billion
The CoinGlass data show that the coin futures’ open interest has increased to $10 billion this year. The open interest follows the price. Given that open interest has decreased a bit in the past few weeks, but remains at historically high levels, this shows continued participation rather than a complete exit.
In conclusion, I believe that the sentiments across the market have improved after the SPOT ETF application process began. This positive sentiment, in addition to the recent price rally of the coin, the technical indicators, and the enhancement in on-chain activity, augurs well for a semblance of optimism. If regulatory activity progresses, we could easily see the renewed momentum in the coming weeks.
Also Read: XRP Price Outlook: XRP Breakout Signals Potential Rally to $5–$8
