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XRP Price Surges 50% Amid Rising Odds for Spot ETF Approval
The XRP price has turned green for four consecutive days, with a notable 50% gain from February’s lows. This surge is largely attributed to the increasing odds of a spot XRP ETF approval by the Securities and Exchange Commission (SEC).
Ripple’s XRP Sees Significant Gains
XRP rose to $2.78 on Friday, marking its highest level this month. This upward trend is closely tied to the rising odds of a spot XRP ETF approval, which currently stand at 80% on Polymarket, a prediction market that has recorded $37,000 in volume.
Several companies, including Grayscale, CoinShares, WisdomTree, 21Shares, Canary, and Bitwise, have applied for a spot XRP ETF. Analysts believe that the SEC, under Paul Atkins, will be more receptive to these applications compared to the previous tenure of Gary Gensler.
SEC Acknowledges XRP ETF Applications
The SEC has acknowledged XRP ETF applications by publishing notices for Grayscale’s Form 19b-4 filings. This is a crucial step that precedes the start of a 240-day review window.
The Trump administration has pledged a pro-crypto stance, appointing several crypto-friendly officials to key regulatory positions. This week, Trump nominated Brian Quintenz to lead the Commodity Futures Trading Commission, further solidifying this stance.
XRP Ledger Ecosystem Tokens See Notable Gains
XRP’s price surge coincided with gains in XRP Ledger ecosystem tokens. XRP Army jumped 26% in the last 24 hours, while XPmarket, BearXRPL, and DROP rose over 18% in the same period. Other tokens, including Sologenic and Coreum, have posted double-digit gains this month.
XRP Price Technical Analysis
The weekly chart shows XRP’s price has fluctuated this year following the November rally. After dropping to a low of $1.8012 last week, the token quickly rebounded to $2.78 today.
A hammer-like candlestick pattern has formed, characterized by a small body and a long lower shadow, indicating a bullish reversal signal. However, XRP has also approached the Murrey Math Lines’ extreme overshoot zone, suggesting possible resistance.
Signs of a Wyckoff distribution phase have emerged, indicating a potential markdown phase where prices decline as holders sell. For more upside confirmation, XRP must break above last year’s high of $3.40.
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