XRP: Breakout Trade to $2.80 as ETF Filings Emerge

What to Know:

• XRP’s price has broken above key resistance levels, signaling renewed institutional interest.
• Potential approval of XRP ETFs could further drive demand and price discovery.
• Traders should monitor XRP’s ability to hold above $2.30 as a key indicator of future price movement.

XRP has recently experienced a notable price surge, climbing 3.6% to $2.31, driven by ETF momentum and network growth. This breakout above the $2.28 resistance level signals renewed institutional interest in XRP. The increased trading volume and positive technical indicators suggest a potentially sustained upward trend for the token.

The amended ETF prospectus filed by Canary Capital Group is a significant development for XRP. This move brings the possibility of an XRP ETF closer to reality, potentially trading on Nasdaq under the ticker XRPC. The involvement of custodians like Gemini Trust Company and BitGo Trust Company adds further legitimacy to the proposed ETF.

Bloomberg’s Eric Balchunas noted that dual filings could force the SEC’s first decision on XRP-based ETFs, echoing precedents set by approved Bitcoin and Ether products.

Technically, XRP’s breakout above $2.28 has confirmed the end of short-term price compression, with both the RSI and MACD indicators turning positive. On-chain data reveals a substantial increase in new XRP wallets, indicating growing network adoption. While there has been some movement of XRP to exchanges, net exchange reserves remain historically low.

The ability of XRP to maintain its position above $2.30 will be crucial in determining whether the current breakout evolves into a sustained upward trend. A confirmed close above $2.35 could pave the way for further gains, potentially targeting the $2.54–$2.80 range. Traders should closely monitor the progress of ETF applications, as their approval could trigger significant volatility and drive further institutional demand for XRP.

In conclusion, the recent price action and developments surrounding XRP suggest a potentially bullish outlook. The possibility of an XRP ETF, coupled with growing network adoption, could drive further institutional interest and price appreciation. Traders should remain vigilant, monitoring key price levels and regulatory developments to capitalize on potential opportunities in the XRP market.

Related: XRP Price: $12M Max Pain for Bears

Source: Original article