Key Insights:
XRP inches close to $2.76 resistance as it prepares for a 20% breakout from $2.76 to $3.3.
The bullishness in XRP is based on its ETF approval.
XRP has already seen its first ETF in Brazil today, listed on the B3 Exchange.
Just a few hours ago, the SEC accepted modified applications from Cboe assisted XRP Spot ETFs.
A move beyond $3 would help XRP cross $7 by Q1, 2025.
Just a few hours ago, the US SEC accepted modified applications from Cboe Exchange by Canary Capital's Spot XRP ETF. The acceptance of the modified application was the final step before Bitcoin and Ethereum ETFs were approved in 2024.
With this acceptance, all the formal and informal procedures of the ETF application is now complete from the applicant's side. We expect the approvals to come within February 2025.
A few hours ago, the Brazilian SEC (Comissão de Valores Mobiliários) gave a green light to an XRP Spot ETF by Hashdex. The ETF named Hashdex Nasdaq XRP Index Fund has drawn close attention from the crypto markets and is seen as a logical precedent for the US XRP Spot ETFs.
At present, there are six active Spot XRP ETF applications in front of the SEC from Grayscale, WisdomTree, Canary, CoinShares, 21Shares, and Bitwise.
XRP has been one of the best performing cryptocurrencies in the present markets, which are marked by severe crashes. The price of XRP is just 20% away from its high of $3.3, unlike other cryptocurrencies like DOGE, SOL, and ETH, which have fallen around 30 to 40%.
As XRP gets bullish based on its ETF approval, we might see it cross above $2.76, which would trigger a breakout in its price. Such a breakout could lift XRP above $3 and close to its high of $3.3.
XRP USDT Charts With a Resistance at $2.76
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On the downside, XRP's fall is restricted by a very strong support zone at $2.55. This would hold the price from falling severely in case the ETF news approval is delayed.
There are several reasons why XRP is highly bullish despite a severe correction in broader markets. For starters, it is possibly the closest ETF to an approval.
Further, the backchannel talks between Donald Trump and Ripple CEO could get XRP a place in the US National Digital Assets Stockpile. Finally, Ripple's dominance in the cross-border markets and entry into RWA bring more users towards it.
XRP could be the next altcoin ETF to grab the attention of crypto users. The SEC is reportedly very close to approving an XRP ETF with all the formalities like the S-1 application and Section 19b-4 filings done for all US-based ETFs.
Just today, Brazil has already approved an XRP ETF. The Hashdex Nasdaq XRP Index Fund will start trading from today on the B3 Exchange.
Donald Trump has mentioned a statement by Ripple CEO Brad Garlinghouse on his Truth Social, a social media platform launched by Donald Trump.
In the mentioned article, Ripple CEO praises how he has offered 75% of open positions at Ripple Labs to Americans. The CEO called it a Trump Effect based on Donald Trump's assurance of positive crypto regulations and help for US-based crypto-native companies.
A few days ago Ripple CEO landed in a controversy after Pierre Rochard accused him of lobbying against an only-Bitcoin US National Digital Assets Stockpile.
Ripple already has a dominant position in the cross-border payment market where it leverages RippleNET, XRPL blockchain, and its ODL markets to transfer funds in seconds which otherwise would have taken half a week at least.
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