XRP Price Hits $2.65: Will the SEC Lawsuit Resolution Ignite a Rally?
XRP Price Surge – XRP’s price has surged by over 15%, climbing from $2.32 on February 6 to $2.65. This rally comes after the broader crypto market faced a significant drawdown, leaving many altcoins struggling to recover. However, XRP has garnered attention due to its bullish weekly chart and the news surrounding Exchange-Traded Funds (ETFs).
SEC Acknowledges XRP ETF Filings
A significant catalyst for the recent price surge is the growing approval of XRP ETFs by the U.S. Securities and Exchange Commission (SEC). The SEC has acknowledged a new spot XRP ETF filing from CoinShares via Nasdaq, marking the fourth such approval after filings by Grayscale, 21Shares, and Bitwise. Furthermore, the SEC has also recognized filings from WisdomTree and Canary Capital, adding momentum to XRP’s positive outlook.
On the global front, Brazil’s Comissão de Valores Mobiliários approved the country’s first spot XRP ETF, introduced by Hashdex Nasdaq XRP Index Fund. While the ETF has not yet gone live, this approval has contributed to XRP’s optimistic sentiment in the market.
Futures Activity Lags Despite Price Rally
Despite XRP’s price rally, futures traders have not shown strong re-engagement. XRP open interest (OI) dropped significantly, losing over 78% earlier this month after a sharp 26% price drop in the first week of February. Although the price has rebounded nearly 20%, XRP futures OI has only increased by $600 million, a far cry from its previous $4 billion in notional value. This suggests low trading volumes and potentially volatile price action.
Analysts Predict XRP’s Breakout Potential
A prominent crypto commentator, Polly, has boldly predicted a potential “god candle” that could send XRP’s price soaring to $6 within the next 10 days, following the resolution of the ongoing SEC-Ripple lawsuit. While this forecast remains speculative, XRP market analyst Dom points out that XRP’s key resistance zone lies between $2.50 and $2.80. For XRP to target a new all-time high, it must first break through the $2.80 level, with $3.40 being its current all-time high (ATH) for reference.
As XRP continues to show promising signs of recovery, the price action remains heavily influenced by both market sentiment and critical developments surrounding its regulatory standing.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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