XRP Weekend Target: $3.15 & $3.40 Prices if $2.90 Resistance Falls

• The SEC has acknowledged Grayscale’s filing for a spot XRP ETF, a major step toward institutional adoption.
• Analysts estimate $4 billion to $8 billion could flow into XRP if an ETF is approved.
• XRP is consolidating around $2.55, facing resistance at $2.91 and $3.40 ahead of the weekend.

The U.S. Securities and Exchange Commission (SEC) has now formally acknowledged the spot XRP ETF filing from Grayscale and NYSE Arca. 

This has brought back positive feelings around the token. With Bitcoin and Ethereum ETFs already approved, many analysts think XRP might be next. 

This regulatory development could open the door for significant institutional money. Estimates suggest that between $4 billion and $8 billion could flow into the market within the first year after approval.

XRP is trading around $2.80, after the latest price rise, with XRP facing strong resistance at $2.91. This price level is important and could decide if XRP moves higher this weekend. 

If buyers push the price past this point, XRP could climb towards $3.15. However, a major downward trendline is waiting at that level. 

Mixed Signals in XRP Market

Right now, market momentum is showing mixed signals. XRP is holding above its 20 and 50 EMAs on the 4-hour chart. 

The RSI is around 68, meaning that while XRP is getting close to being overbought, there is still buying interest. If XRP stays above the $2.52 support level, traders might see a push above resistance over the weekend. 

But, if it can’t get past $2.91, a short-term drop back towards $2.37 is possible. This $2.37 area has been a solid support zone during previous price dips.

Related: XRP Soars 17% Near $3 as SEC Reviews More of Its ETF Bids: Approval Soon

Will XRP Break $3.40 or Face a Rejection?

XRP’s price movement largely depends on whether buyers can build enough momentum to break through the current resistance areas. 

If there’s a sustained breakout above $3.15, expect a faster move towards $3.40. If this level is also broken, XRP could extend its gains towards $3.80 in the coming days.

On the other hand, if XRP is rejected at $2.91 or $3.15, it could retest support at $2.52 and $2.37. Dropping below these levels would signal more selling pressure, potentially pulling XRP back to $2.20. 

Traders should look for confirmation signals. Price stability above $2.91 would suggest stronger bullish sentiment. However, not holding above $2.52 might indicate more downside risk.

Market Sentiment: Cautiously Bullish

Several major asset managers, including WisdomTree, Bitwise, 21Shares, and Canary Capital, have also filed for spot XRP ETFs. This shows growing demand from traditional finance. 

Bloomberg ETF analyst James Seyffart called this news the “biggest XRP news in years.” He pointed out that regulatory acceptance could significantly change XRP’s market standing.

With institutional interest surging, everyone is wondering how an ETF approval could affect XRP’s price. As investors consider this new information, focus is shifting to key technical levels. These levels could determine the next major price swing.

Related: SEC Postpones Coinbase Appeal Response Citing New Crypto Task Force

XRP still looks bullish, but the next few days will be key to see if it can break through important resistance levels. 

If buyers manage to reclaim $3.15, the market might see renewed upward momentum. However, traders need to be cautious, as resistance remains strong at $3.40.