In the past few months, the XRP price has displayed huge bullish momentum after breaking out of the prolonged consolidation. In the times when the token was speculated to be dead, it underwent a 500% jump followed by a 30% correction. Meanwhile, the price has triggered a strong recovery after encountering a bearish start to the month, which hints towards a reversal is fast approaching.
In a recent update, the SEC acknowledged the filing for the 21Shares spot XRP ETF, highlighting the growing institutional interest in the third largest token amid the regulatory development. As a result, the XRP price experienced a 10% surge influenced by ETF approval news and increased utility via real-world assets on the XRP ledger. Now that the SEC is reviewing Grayscale’s proposals for XRP & DOGE ETFs, will this news push the token above $3.2?
The XRP price has increased by over 15% in the last seven days, rising from $2.30 to $2.80, while a breakout from the upper range was required to continue to maintain a strong upswing. The price marked daily highs above the range but failed to sustain displaying the weakness among the bulls, which may raise some concerns but only in the short term. As per a popular analyst, ALI, the price may undergo a small correction in the short term as the TD sequential indicator flashes a sell signal after a 22% price surge.
In the short term, the XRP price is struggling hard to rise above $2.8 and as the bullish strength appears to have faded, the token may drop to the support, which acted as a strong resistance before. Besides, the stochastic RSI is also decremental, which supports a bearish narrative. Hence, a small pullback to $2.5 seems to be imminent during the upcoming weekend.
The SEC’s consideration of the XRP ETF marks a significant milestone in Ripple’s legal journey, potentially boosting adoption and institutional attention. On the other hand, many experts predict XRP may soon replace Ethereum in the coming days, as the latter is struggling due to inflation and centralization. Hence, making XRP a strong contender to be the second-largest token after Bitcoin. Therefore, the future outlook of XRP remains bullish regardless of the interim shortfalls.
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