The XRP market experienced a major rally in the last day following the SEC’s acknowledgment of Grayscale’s XRP ETF filling. According to data from CoinMarketCap, the prominent altcoin rose by 11% reaching a local peak of $2.81 before experiencing a significant retracement to $2.39. With XRP on the rise again, investors must note the asset must scale certain price barriers to validate its current bullish momentum.
XRP Must Move Past $3.40 To Retain Market Interest
Popular market analyst Egrag Crypto has shared an intriguing analysis of the XRP market. In an X post on February 14, the crypto expert states that the third-largest cryptocurrency must achieve a strong close above $2.75 (marked in green) to sustain its current upward trend.
Based on historical data, $2.75 has presented a significant resistance level. If XRP can close and hold above this price zone on its 4-hour trading chart, it would indicate that buyers are gaining control of the market following a month of major price loss.
Thereafter, the altcoin must attain another price close above $2.94 (marked in yellow) which would suggest a higher bullish momentum with significant potential for new highs such as $3.22. For the XRP market, each confirmed close above these specified price levels strengthens the present bullish momentum.
However, Egrag Crypto warns that all price movement below the current bull rally peak of $3.40 will remain merely “noise” in the long run. The analyst warns that XRP must break above this psychological price level to confirm a certain trend shift in the upward direction.
XRP Market Overview
At press time, XRP trades at $2.73 following an aggregate 6.43% gain in the past 24 hours. The asset’s trading volume is up by 66.61% indicating a high level of interest from market participants. On its 7-day chart, XRP boasts 13.78% gains, reducing its monthly loss to around 8.39%.
Amidst its recent price retracement, community sentiments in the XRP market remain highly bullish, especially with the advancement of a potential XRP ETF. By acknowledging Grayscale’s ETF application, the SEC is allowed an initial review period of 45 days – potentially extensible to 240 days – to approve or reject the proposed ETF.
With the implementation of the pro-crypto agenda of Donald Trump, investors are highly positive about an approval suggesting a potential influx of institutional capital as seen with the Bitcoin Spot ETFs.
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