XRP’s Wild Ride: Soars 12% After SEC Approves Grayscale’s ETF Application

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Well, well, well. Look who’s back in the saddle again! Ripple‘s XRP has been on a rollercoaster ride, and it seems like the good times are here to stay. 💰

The U.S. Securities and Exchange Commission (SEC) has accepted Grayscale’s application to launch an exchange-traded fund (ETF) for XRP. As a result, the price of XRP has reached a 12% high, breaking through the $2.50 resistance level. Currently, the XRP is trading at $2.72, and the market cap has also reached $157.79 billion.

This ain’t no fluke, folks. Grayscale’s decision comes after successfully turning its Bitcoin Trust into a spot ETF, strengthening its role in the industry. The SEC will carefully review the approval process, especially due to past concerns about XRP and DOGE. If approved, these ETFs could bring more liquidity and increase mainstream adoption, attracting more investors. 💸

The 4-hour chart shows XRP rebounding from a correction, forming a WXY pattern. After reaching key support at $2.00 on Feb 3, buyers stepped in, pushing the price higher. XRP broke past the $2.53 resistance, signaling strong buying momentum. This breakout aligns with the end of a downward trend and sets the stage for a move toward the next resistance at $2.77. A clear break above this level could confirm a larger uptrend toward $3.08 and beyond.

Indicators suggest bullish momentum, but with the RSI nearing overbought levels, a pullback is possible. The $2.53 level is crucial—holding above it supports further gains, while dropping below may lead to a correction toward $2.26. 📈

Elliott Wave analysis points to a new bullish phase, with targets between $3.31 and $3.59. Traders should watch volume closely, as weaker buying pressure could signal a short-term pullback before further gains. 📉

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2025-02-15 01:01