- XRP’s 3% rise and bullish bounce suggest a potential short-term price rally on March 13
- Key support at $1.92 holds for now, increasing the chance of a move towards resistance
- Franklin Templeton’s XRP ETF interest hints at continued institutional support
XRP has experienced a noticeable 3% surge in the past 24 hours, currently trading at $2.14 after briefly touching $2.24.
However, uncertainty continues to shake investors’ confidence. The price action coincides with major developments in the crypto market, as Franklin Templeton has confirmed plans to launch a spot XRP exchange-traded fund (ETF), signaling growing institutional interest beyond Bitcoin.
Institutional Interest and Regulatory Hurdles
Franklin Templeton’s move follows its Solana ETF filing last month, consistent with asset managers’ increasing efforts to secure regulatory approval for crypto-related funds.
However, the United States Securities and Exchange Commission (SEC) remains cautious, delaying decisions on multiple spot cryptocurrency ETFs, including XRP, Solana, Litecoin, and Dogecoin. The next review date is set for May.
It’s crucial to understand that if approved, these investment products could introduce significant liquidity and demand, potentially driving prices higher.
Related: Ripple CTO David Schwartz on XRPL: KYC Tussle and Decentralization
Financial commentator Patrick Bet-David stated that XRP has the potential to reach $1,000 if it captures a significant share of SWIFT’s global payment volume.
SWIFT processes around $5 trillion daily, or $1.24 quadrillion annually. Bet-David estimates that if the XRP Ledger processes just 5% of SWIFT’s volume, XRP’s price could climb to $100, with further upside if adoption increases.
XRP Price Analysis: Potential Short-Term Bounce
The Relative Strength Index (RSI) currently sits at 42.96, indicating that XRP has yet to confirm a strong bullish reversal. A push above 50 would signal stronger buying momentum, while a drop below 40 could lead to further downside.
Related: XRP Price Prediction March 12: Can Regulatory Clarity Win Help the Token Defy Downturn?
XRP Price Prediction March 13
However, the Bollinger Bands (BB) show XRP trading near the lower band at $1.92, suggesting that it is approaching a potential support zone. Historically, a bounce from this level could trigger a short-term rally toward the middle band at $2.35 and, if bullish momentum builds, toward the upper band at $2.78.
A break above $2.35 would confirm a bullish continuation, while a drop below $1.92 could push prices lower.
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