- The Grayscale’s XRP Trust obtaining NYSE Arca exchange listing could drive increased institutional interest and market demand.
- XRP trades near its upper range at $2.78, with key resistance at $2.82; a breakout could push it to $3.00.
- RSI at 39.59 suggests neutrality, while MACD remains bearish, making the next price move uncertain.
The SEC’s approval of Grayscale’s XRP-spot Exchange-Traded Fund (ETF) application indicates a possible change in market perception of XRP demand. Additionally the potential market demand for XRP could increase further if Grayscale’s XRP Trust obtains NYSE Arca exchange listing upon approval.
XRP maintains a market value of $2.75 while demonstrating a 24-hour growth of 7.65% showing bullish momentum. The 24-hour price range shows a low of $2.54 and a high of $2.82, suggesting a 28-cent price fluctuation, which highlights an increase in market activity and volatility. The price currently trades near the upper end of this range, signaling sustained bullish momentum and strong buying interest.
XRP Key Price Levels and Double bottom breakout
If the bullish trend continues, XRP could break above $2.82, with potential upside targets around $2.90 to $3.00. On the other hand, if selling pressure emerges, the price may retrace towards the nearest support at $2.65, and a further breakdown could see it testing $2.54 or even $2.40.
According to Steph_iscrypto, XRP’s market cap shows a significant double bottom breakout pattern in XRP’s market capitalization, a classic bullish signal indicating a potential long-term uptrend.
Currently, XRP’s market cap stands at approximately $80 billion, while the breakout projection targets an astonishing $3.4 trillion valuation. If this target is achieved, XRP’s price could surge to $59 per coin, representing a 24x increase from its current value.
Mixed Signals: Potential Reversal or Continued Downtrend?
XRP’s (RSI) is at 39.59 suggests neutral conditions, indicating the potential for a bounce or reversal if buying pressure increases. However, the (MACD) remains negative, reinforcing strong bearish momentum.
Additionally, the diverging histogram lines hint at a possible continuation of the downtrend unless a shift in market sentiment occurs. This mixed reaction suggests that while a reversal is possible, bearish momentum still dominates, making the next move uncertain.
XRP Price Outlook for February 16
According to Coicodex, XRP could reach $2.82 trading above its resistance level. However, a bearish scenario may push it down towards $2.50 to $2.55, depending on market conditions affecting investor sentiment.
