The price of XRP has been on a bullish streak, surging 50% from February’s lows to hit $2.78 on Friday. This marks its highest level this month, driven by rising expectations of a spot XRP ETF approval by the U.S. Securities and Exchange Commission (SEC).
A Polymarket prediction market, with a recorded $37,000 in volume, now places the odds of an approval at 80%. Polymarket has a track record of accurate predictions, including correctly forecasting the last U.S. presidential election.
Major Players Eye XRP ETF
Several firms, including Grayscale, CoinShares, WisdomTree, 21Shares, Canary, and Bitwise, have applied for a spot XRP ETF. Analysts believe the SEC, under Paul Atkins, could be more open to these applications than during Gary Gensler’s tenure.
The SEC’s acknowledgment of Grayscale’s XRP ETF filing signals progress, as the agency has published notices for Form 19b-4 filings, a step that kicks off a 240-day review period.
Pro-Crypto Policies Under Trump Administration
The Trump administration’s pro-crypto stance has further fueled optimism in the market. Trump recently nominated Brian Quintenz—a senior official at venture firm a16z—to lead the Commodity Futures Trading Commission (CFTC). Quintenz has been deeply involved in crypto investments, signaling potential regulatory easing.
XRP Price Outlook: Key Resistance Ahead
Despite recent gains, technical indicators suggest caution. The weekly chart shows XRP rebounding from a low of $1.8012 to $2.78, forming a hammer candlestick pattern, a bullish reversal signal.
However, XRP is approaching the Murrey Math Lines’ extreme overshoot zone, a potential resistance level. Additionally, signs of a Wyckoff distribution phase indicate a possible markdown period, where large holders could start selling.
For XRP to sustain its rally, it needs to break above last year’s high of $3.40, confirming further upside potential.
XRP’s strong price action reflects growing optimism around a spot ETF approval, fueled by regulatory shifts and institutional interest. While bullish momentum is strong, traders should keep an eye on technical resistance levels before expecting further upside.
