Soaring XRP Volumes by 141%, Question Arises: Is $3 the Destination?
In the rapidly evolving world of cryptocurrencies, the digital asset XRP has been making headlines recently. The potential approval of Exchange-Traded Funds (ETFs) could significantly impact XRP's price, as several applications, including those from Franklin Templeton and Grayscale, are currently under review by the Securities and Exchange Commission (SEC).
Ripple, the company behind XRP, has filed with the SEC to establish a cryptocurrency unit and is also pursuing a national bank license. One of the applications under review by the SEC is for a Spot-XRP-ETF, as of 2025. If approved, these ETFs could unlock new inflows and potentially have a positive impact on XRP's price.
The current buying pressure and historical data are factors that could influence XRP's price movement. In the past few days, XRP experienced a 66% decline, but a surge in trading volume has been observed recently. As of press time, the XRP trading volume has surged past $4.9 billion.
The surge in trading volume came as market watchers observed the price holding above the critical $2.84 support. Maintaining this stability could be a significant achievement for XRP, and some predict a 95% likelihood of SEC approval for the ETF applications. This could help XRP flip the $3 level and potentially target $3.05.
However, the historical bearish outlook for most crypto assets in September could pose a challenge for XRP's price rebound. The average growth of XRP in historical data is 13.9%, and as of press time, XRP is trading at $2.90, representing a 2.58% increase in the last 24 hours and a 3.8% rise in the last seven days.
It's important to note that the Relative Strength Index (RSI) for XRP is at 47.78, a neutral position. U.Today provides financial and market information for informational purposes only, and it is not liable for any financial losses incurred while trading cryptocurrencies.
As the October timeline approaches for the SEC's decision on these ETF applications, the focus remains on XRP's potential price movement. If XRP maintains its current buying pressure, it might reclaim the $3 level, a significant milestone for the digital asset.
In conclusion, the potential approval of ETFs, current buying pressure, and historical data all contribute to the ongoing discussion about XRP's price movement. As always, it's crucial for investors to conduct their own research and consider their risk tolerance when making decisions in the cryptocurrency market.
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