XRP Holds $2.35 Support, Eyes $2.70 Rally on ETF Hopes
XRP price rebounded above $2.40 after bulls defended the critical $2.35 support level. The coin retested its 50-day EMA at $2.55 earlier in the week but pulled back to the current $2.44. Technical indicators remain mixed: the daily RSI sits slightly below 50, while the MACD shows a bullish crossover. Market participants anticipate a major catalyst from a potential SEC approval of a spot ETF around November 13, driving fresh capital inflows. Structural factors also support XRP’s outlook, including Ripple’s recent $500 million strategic investment and a $40 billion valuation, signaling confidence from institutional players like Citadel and Fortress. If XRP sustains above $2.35, it could retest $2.55 and extend toward $2.70. Conversely, a break below $2.35 risks a drop to the next support at $1.96.
Bullish
XRP’s defense of the $2.35 support and a bullish MACD crossover point to renewed upside potential, especially with an impending SEC spot ETF approval expected to trigger institutional and retail inflows. Analogous to past ETF-driven rallies in major cryptocurrencies, sustaining above key support should see XRP retest $2.55 before targeting $2.70. Longer term, strategic investments in Ripple signal robust on-chain utility support, reinforcing a bullish outlook. Only a decisive break below $2.35 would shift momentum negative, risking a drop to $1.96.