XRP has demonstrated significant growth of 3.65% over the past 24 hours, surpassing broader trends in the cryptocurrency market. This surge can be linked to the formation of a golden cross on the XRP technical chart, indicating potential further price increases.
XRP Growth and Resistance Level
XRP reached $3.16, overcoming the resistance level of $3.07-$3.10. If it can maintain stability above this level, a target of $3.35 from July may be within reach. Analysts predict that growth could push the price to a high target of $5.
Speculation Around ETFs
The recent surge in XRP is also fueled by growing speculation regarding the potential approval of XRP-based exchange-traded funds (ETFs). Expected decisions from the SEC on several ETF filings could spur increased interest from institutional investors, positively influencing XRP's price.
Impact of ProShares ETF Approval
In July, ProShares received approval for two new ETFs: Ultra XRP ETF and Ultra Solana ETF, providing leveraged access to XRP. This underscores the growing acceptance of digital assets in traditional financial markets. It is expected to encourage institutional investment in XRP, potentially raising its market price.
The overall growth of XRP and the anticipation of ETF approvals indicate possible positive changes ahead. However, the sustainability of this growth remains a question, as trading volumes are still relatively low.
