- XRP has shot up more than 3% in the past day, unable to break out above $2.5.
- James Seyffart said that the SEC could acknowledge Dogecoin and XRP ETFs on Thursday.
- The approval of spot XRP ETFs in the US could propel the cryptocurrency’s price to $5.
XRP is back in the top 3, reclaiming the spot from Tether’s USDT, which is now back to fourth. This market shuffle happened as XRP’s price was back to $2.47, a solid 3% jump in just 24 hours. This upward move comes on the heels of positive chatter about a potential spot XRP exchange-traded fund (ETF) getting the green light in the United States, as hinted at by FOX Business journalist Eleanor Terrett.
Terrett pointed to a chart put together by Bloomberg ETF analysts Eric Balchunas and James Seyffart. This chart suggested the Securities and Exchange Commission (SEC) might formally acknowledge Grayscale’s 19b-4 filing for the XRP ETF as soon as February 13, Thursday. Typically, the agency takes 15 days to officially respond to a filing.
Related: XRP at $2.27: A Crucial Test for Its Ongoing Uptrend Resilience
XRP ETF Approval Hype Gains Traction
Worth noting: Grayscale actually put in that filing way back on January 20th. A spot XRP ETF approval could really shake things up for XRP’s price. Looking at history, market vibes around ETF approvals have been a major fuel for price movements, just like we saw with Bitcoin’s ETF approvals.
Related: Bitcoin, XRP, SOL, and ADA Face Pullback as TD Sequential Flashes Sell Signals
Seyffart stated in a post on X (formerly Twitter), saying that the ETFs with the best shot at approval are those focused on cryptos like Litecoin, Solana (SOL), XRP, and Dogecoin (DOGE). The analyst also mentioned that along with XRP, the SEC could also give a nod to the 19b-4 application for Dogecoin.
XRP Price: Technicals Mixed as ETF Hopes Rise
Approval of a spot XRP ETF in the US could potentially send the altcoin to new all-time highs before long.
A price target of $5 even appears to be within reach for XRP. However, examining the XRP/USDT daily chart, key technical indicators present a mixed analysis, showing both bullish and bearish signals.
The Relative Strength Index (RSI) is currently around 41.70, placing XRP in the neutral zone and quite distant from overbought or oversold conditions. Should buying pressure increase significantly, the RSI could rise towards 50-60, potentially supporting a bullish breakout.
Conversely, the MACD line is positioned at -0.0358, with the signal line at -0.0699, and they are converging. This may indicate a potential trend reversal, contingent on momentum increasing and a bullish crossover occurring.
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