XRP (XRP) Seeks 27% Growth as ETF Applications Build Momentum

XRP (XRP) experienced a 2% increase during the Asian trading session on Friday following Grayscale’s submission to convert its XRP Trust into a spot ETF. The move, which has generated a new wave of enthusiasm among investors, is anticipating a 27% surge in the value of XRP as more ETF applications are projected to be filed with the US Securities and Exchange Commission (SEC) in the upcoming week.

Grayscale’s plan to convert its XRP Trust into an ETF has propelled Ripple’s XRP (XRP) into a significant position as it awaits approval from the SEC. This recent development has led to a price increase of 2% during the Asian trading session on Friday. Analysts are optimistic that XRP is poised for a considerable 27% rally as a result of the growing number of ETF applications expected to flood the SEC in the near future.

The filing by Grayscale to transition its XRP Trust into an ETF has triggered enthusiasm within the US market for altcoin-related ETFs, with various asset managers in a race to submit applications. The filing made through NYSE Arca aims to offer investors an opportunity to access XRP (XRP) through a regulated national securities exchange, thereby making it a more appealing investment avenue. Following this move, FOX Business journalist Eleanor Terrett hinted at the possibility of other issuers submitting their own applications for XRP ETFs in the upcoming week.

The competition to launch XRP ETFs is intensifying among numerous asset managers, with companies like Bitwise, Canary Capital, 21Shares, WisdomTree, and CoinShares previously seeking approval for these financial products from the SEC. However, former applications for XRP ETFs were withdrawn by regulators during the previous SEC administration. The current optimism in the market stems from the new leadership within the SEC, suggesting that freshly submitted ETF applications have a higher chance of being approved, paving the way for increased institutional adoption of XRP (XRP) and potentially concluding its prolonged legal battle with the SEC. The expected approval of these applications could potentially lead to a significant surge in the price of XRP.

Despite minor fluctuations, XRP (XRP) is currently in a bullish pennant pattern, indicating the possibility of a breakout. Recent data from Coinglass revealed approximately $1.78 million in futures liquidations within the last 24 hours, with long and short positions accounting for $842,000 and $941,000, respectively. If XRP successfully surpasses the upper boundary of the pennant and establishes it as a support level, analysts predict a 27% price rally, potentially setting a new all-time high at $4.10. Before reaching this milestone, XRP must surpass the previous all-time high resistance point at $3.55.

Technical indicators support a bullish trend, with the Relative Strength Index (RSI) showing strong momentum, while the Stochastic Oscillator (Stoch) is in the overbought zone, which could hint at a potential short-term adjustment in price. A crucial support level to monitor is at $2.62, as a daily close below this level could jeopardize the bullish outlook for XRP, making upcoming trading sessions crucial for determining its trajectory.

In light of the growing interest from institutional investors and the possibility of XRP ETF approvals, the current price movement of XRP (XRP) is paramount. If regulatory endorsements continue to grow, XRP may break out of its consolidation phase, paving the way for substantial price surges. Traders will closely monitor ETF applications and any regulatory responses to steer the market’s direction.