- XRP posts 3.65% growth, breaking resistance levels with momentum.
- Golden cross signals bullish trend; $5 target now in sight.
- ProShares’ ETF approval could significantly boost XRP exposure and interest.
XRP has posted a remarkable 3.65% growth in the last 24 hours, surpassing the broader cryptocurrency market, which experienced a 1.92% increase. This influx comes after a golden cross was formed on the technical chart of XRP, a fundamental indicator linked to additional bullish action. A golden cross is a situation when a short moving average crosses above a long moving average, which implies that XRP may experience a prolonged upward trend.
The recent surge has now seen the XRP surpass its $3.07 to $3.10 resistance level, and there is the hope of even higher levels. If XRP can maintain stability above this level, analysts believe the altcoin could target its $3.35 high from July. Some traders are even making bold predictions of up to $5, with the rotation of capital into the altcoins in the existing market increasing. Currently, XRP is valued at $3.16, a 4.11% rise in the last 24 hours.
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Although these are encouraging developments, there is still the worry that trading volumes are relatively low. With a 24-hour trading volume of $6.17 billion, up by only 1.78%, there are questions about the sustainability of XRP’s price rally. Typically, higher trading volumes are needed to support a breakout, and the current volume is seen as inadequate to confirm the continuation of the bullish trend.
Source: Tradingview
XRP ETF Approval Could Fuel Further Surge
The recent surge in XRP’s price is also fueled by growing speculation around the potential approval of XRP exchange-traded funds (ETFs). A number of spot XRP ETF filings are likely to be determined by the Securities and Exchange Commission (SEC) in the near future. A favorable ruling would prompt more institutional buying of XRP, which would increase the price of XRP.
Market optimism surrounding the SEC’s decision is increasing, with many believing approval could accelerate XRP’s price growth. The listing of the XRP ETF by the Depository Trust and Clearing Corporation has also been an exciter, without the experts warning that this is just a preparatory move, not a game-changer as yet.
ProShares’ July ETFs Approval Could Amplify XRP Exposure
In July, ProShares received approval from NYSE Arca for two new ETFs: the Ultra XRP ETF and the Ultra Solana ETF. These products provide levered exposure to XRP, with the Ultra XRP ETF seeking to provide returns that are twice the daily returns of the price of XRP. This certification underscores the increasing adoption of digital assets in conventional financial markets.
Since regulatory uncertainty is no longer a factor, the ProShares Ultra XRP ETF is now regarded as a possible trigger for more institutional XRP investment. Although there are past misgivings, the acceptance of such leveraged ETFs will increase XRP’s exposure to mainstream markets. As more institutional players enter the scene, XRP’s price could continue its upward trajectory, potentially reaching new highs.
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