XRP price rises as Polymarket ETF approval odds hit 80%
The XRP worth turned inexperienced for 4 consecutive days as Ripple ETF odds surged on Polymarket and as most XRP Ledger tokens rallied.
Ripple (XRP) rose to $2.78 on Friday, marking its highest degree this month and a 50% acquire from February’s lows.
The rally got here as odds elevated that the Securities and Trade Fee will approve a spot XRP ETF this yr. A Polymarket prediction market, which has recorded $37,000 in quantity, presently locations these odds at 80%.
Polymarket odds have confirmed extremely correct in previous occasions, together with the final U.S. election, the place they appropriately predicted Donald Trump’s victory.
A number of firms, together with Grayscale, CoinShares, WisdomTree, 21Shares, Canary, and Bitwise, have utilized for a spot XRP ETF. Analysts imagine the SEC below Paul Atkins will likely be extra receptive to those purposes than throughout Gary Gensler’s tenure.
The SEC has already acknowledged XRP ETF purposes by Grayscale by publishing notices for its Kind 19b-4 filings. That could be a essential step that occurs earlier than the beginning of a 240-day evaluate window.
The Trump administration has pledged a pro-crypto stance, appointing a number of crypto-friendly officers to key regulatory positions. This week, Trump nominated Brian Quintenz to steer the Commodity Futures Buying and selling Fee. Quintenz, a senior official at a16z, has been concerned in crypto investments throughout quite a few firms.
XRP’s worth surge coincided with positive aspects in XRP Ledger ecosystem tokens. XRP Military jumped 26% within the final 24 hours, whereas XPmarket, BearXRPL, and DROP rose over 18% in the identical interval. Different tokens, together with Sologenic and Coreum, have posted double-digit positive aspects this month.
XRP worth technical evaluation: positive aspects might be restricted
The weekly chart reveals XRP’s worth has fluctuated this yr following the November rally. After dropping to a low of $1.8012 final week, the token shortly rebounded to $2.78 at present.
A hammer-like candlestick sample has shaped, characterised by a small physique and a protracted decrease shadow, a bullish reversal sign. This sample helps clarify the latest restoration.
Nevertheless, XRP has additionally approached the Murrey Math Strains’ excessive overshoot zone, indicating attainable resistance. Moreover, indicators of a Wyckoff distribution part have emerged, suggesting a possible markdown part the place costs decline as holders promote.
For extra upside affirmation, XRP should break above final yr’s excessive of $3.40.
