XRP Surges on ETF Approval Hopes, Eyes Breakout Above $2.70
XRP has climbed to $2.50, marking a 4% gain in 24 hours and a 6% rise over the past week. The token’s rally is fueled by growing optimism around spot XRP exchange-traded funds (ETFs). More than ten ETF proposals are now listed as “active” or “pre-launch” on the DTCC platform, boosting investor confidence. Nasdaq recently certified the first U.S. spot XRP ETF from Canary Capital, set to launch at the market open, following REX Osprey’s inaugural XRP ETF debut in September. XRP is trading within a consolidation range between support at $2.19 and resistance at $2.70. A decisive daily close above $2.70 would signal renewed bullish momentum and could pave the way toward the $3 level. However, failure to break resistance may extend the current range-bound action, allowing the token to build further momentum before its next significant move.
Bullish
Spot ETF approvals historically drive institutional inflows and boost retail interest. Bitcoin and Ethereum saw sustained gains after their ETF launches as funds increased buying pressure and widened market participation. The certification of Canary Capital’s spot XRP ETF, together with multiple active ETF proposals on the DTCC, reinforces a bullish outlook. In the short term, a daily close above the $2.70 resistance would validate renewed buying momentum and potentially trigger a run toward $3.00. Even if XRP remains in its current consolidation range, continued ETF developments and cooling volatility could build the foundation for a stronger breakout. Over the long term, increased ETF accessibility may cement XRP’s appeal among institutional investors and support a higher price floor.