- XRP consolidates near $2.56 signaling potential accumulation before a breakout.
- SEC’s ETF review boosts speculation with traders eyeing mid-October for clarity.
- Key resistance at $3.00 a breakout could push XRP toward the $3.30-$3.50 range.
XRP has seen a mix of bullish momentum and consolidation in recent weeks, leaving traders eager for its next move. The cryptocurrency is currently priced at $2.56, marking a 6.52% increase over the past seven days. Despite a slight 0.33% decline in the last 24 hours, its market cap remains strong at approximately $148.18 billion.
Investors are closely monitoring XRP’s price action, particularly as speculation grows over potential regulatory shifts and ETF approvals. The SEC’s latest acknowledgment of spot XRP and Dogecoin ETF applications has sparked renewed interest, with traders anticipating its impact on price trends.
XRP’s Recent Price Movements and Key Technical Levels
XRP experienced a significant rally toward the end of 2024, pushing above $3.00 before entering a correction phase. The price pulled back but managed to find stability above $2.50.
Currently, XRP is consolidating near $2.56, suggesting that the market is in an accumulation phase before its next potential breakout. The Relative Strength Index (RSI) is at 45.46, indicating neutral momentum, while the MACD indicator is below the zero line but hinting at a possible bullish crossover.
Key support levels include $2.50, a crucial psychological level, followed by a demand zone between $2.30 and $2.35. If selling pressure increases, XRP may test the $2.00 level, which is essential for maintaining a bullish market structure.
On the upside, resistance lies between $2.75 and $2.80, followed by the significant $3.00 mark. If buying momentum strengthens, XRP could challenge the $3.30 to $3.50 resistance range.
SEC Developments and Market Sentiment
Investor sentiment has been influenced by growing speculation that the SEC might be shifting its stance on crypto ETFs. On February 13, the SEC formally acknowledged Grayscale’s applications for spot XRP and Dogecoin ETFs, triggering a 240-day review period.
This regulatory move signals potential changes in the broader crypto landscape. Once these filings are recorded in the Federal Register, the countdown to a decision begins, which could come by mid-October.
Market participants are betting on a favorable outcome, with Polymarket data suggesting a 78% probability of a Ripple ETF approval in 2025. The possibility of a spot XRP ETF has fueled optimism among traders, who anticipate increased institutional adoption and liquidity in the long term.
