XRP Price Action Strengthens Amid ETF Buzz and SEC Developments
The post XRP Price Action Strengthens Amid ETF Buzz and SEC Developments appeared on BitcoinEthereumNews.com.
XRP’s price is in the green due to the optimism around spot XRP ETF filings and Brazil’s approval of its first spot XRP ETF. Brazil’s Braza Group is also set to launch a stablecoin on the XRP Ledger, which could help strengthen XRP’s ecosystem. Meanwhile, Franklin Templeton introduced a Bitcoin and Ethereum ETF. The EZPZ fund tracks the US CF Institutional Digital Asset Index, which currently includes only Bitcoin and Ethereum. XRP Rally Gains Momentum XRP surged more than 15% after closing at $2.32 on Feb. 6, reaching $2.65 in a strong recovery despite the broader crypto market’s struggles. While many altcoins recently faced difficulty regaining some momentum, XRP’s weekly chart has drawn positive attention for its bullish outlook. XRP’s price action over the past week (Source: CoinMarketCap) The recent price rally can largely be attributed to the developments surrounding XRP ETFs. The SEC recently acknowledged yet another spot XRP ETF filing, this time submitted by CoinShares through Nasdaq. This is the fourth such filing to receive the regulator’s initial approval, after applications from Grayscale, 21Shares, and Bitwise. Additionally, filings from WisdomTree and Canary Capital have also been acknowledged. Despite the positive sentiment, XRP futures traders are a bit more cautious. Earlier this month, XRP’s open interest (OI) plummeted by over 78% after a sharp price drop in the first week of February. Although the asset was able to rebound by almost 20%, futures open interest only increased by $600 million, compared to the nearly $4 billion in notional value that was wiped out. This suggests that the current price action is being driven by lower trading volumes, making it more vulnerable to market manipulation and heightened volatility. Some analysts are making bold predictions for XRP’s price trajectory. A crypto commentator known as Polly suggested that market makers are setting…
Filed under: News - @ February 21, 2025 6:23 am