XRP, the native cryptocurrency of global payment company Ripple, shows a price uptick of 1.5% to $2.5 during Thursday’s U.S. market session. While the broader crypto market showcases a lack of bullish momentum following Bitcoin steps, the Ripple crypto rally can be attributed to the development in XRP ETF approval by the SEC.
Key Highlights:
- XRP price is 6% away from a major breakout out of $2.73 resistance.
- The SEC’s confirmation of Grayscale’s amendment signals progress toward a potential XRP-backed exchange-traded fund (ETF).
- The Fibonacci retracement tool indicates $2.2 and $2 as key pullback support as they coincided with 38.2% and 50% FIB levels.
SEC Acknowledges Grayscale’s Spot XRP ETF Filing
On February 13th, Thursday, the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale’s 19b-4 filing for its Spot XRP ETF.
The regulatory body has officially confirmed the receipt of Grayscale’s amendment to the Spot XRP ETF application, signaling progress in the firm’s attempt to introduce an XRP-backed exchange-traded fund.
Such crypto-based ETFs are gaining institutional interest as investment firms capitalize on the pro-crypto stance of the Trump administration, expecting a more favorable regulatory environment for digital assets.
The potential approval of spot XRP ETFs could further legitimize XRP as an institutional-grade asset.
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XRP Price Consolidation Hints Major Reversal
Over the past three weeks, the XRP price showcased a sustained correction from $3.36 to $2.26 support, accounting for a loss of 32.76%. As the broader market consolidation prolonged, this altcoin reverted slightly to trade at $2.52 and reached a market cap of $145.5 Billion.
This upswing bounced from the 38.2% FIB level, indicating a healthy pullback for buyers to revive the exhausted bullish momentum.
Moreover, the coin price above the 100-day EMA slope accentuates investors’ sentiment as bullish. If the buyers flip the overhead resistance of $2.7 into potential support, the XRP price could rechallenge the $3.6 high, projecting a potential gain of 33%.
On the contrary, if Ripple crypto forms a fresh lower high at $2.7, the next downswing could breach the $2 floor.
