XRP price rose by more than 10% in the European trading session on Friday amid rising excitement over its ETF approval prospects. The crypto coin traded at $2.70 at the time of writing, having eased from ten-day highs of $2.78, a move that raises the likelihood of a near-term re-test of the psychological $3.00 mark.
Grayscale’s move to apply for the conversion of Grayscale XRP Trust into a spot ETF has renewed excitement around the coin. The Securities and Exchange Commission (SEC) acknowledged receipt of Grayscale’s 19b-4 application on Friday. Notably, this isn’t the first ETF application for XRP, but it affirms a strong institutional inclination towards the coin’s growth prospects.
Meanwhile, despite the sharp rise in XRP price in the last 24 hours, its trading volume was high by 64% in that time frame. That shows investors’ willingness to buy more of the coin at higher prices and adds credence to the likelihood of continued gains in the near-term.
Elsewhere, RLUSD, XRP issuer Ripple’s stablecoin has seen increased demand, with its 24-hour volume at $161 million as of this writing. This signals increased utility for XRP, as it is used as the bridge currency to power transactions involving the stablecoin. XRP price upside is also supported by a 21% rise in open interest to $4.28 billion in the last 24 hours. That shows growing investor confidence that the coin’s performance will rise in the coming days.
XRP price pivots at $2.66 and the upside will prevail if action stays above that level. The coin will likely encounter resistance at $2.80. Breaking above that level will strengthen the upward momentum and clear the path to test the second hurdle at $2.88.
Breaking below $2.66 will shift the momentum to favour the sellers. In that case, XRPUSD is likely to find the first support at $2.56. Breaking above that level will invalidate the upside narrative. The resulting momentum could extend the decline to the second support at $2.44.
This post was last modified on Feb 14, 2025, 18:38 GMT 18:38