XRP Records Stunning 12% Surge in 24 Hours
The cryptocurrency market has been buzzing over the past 24 hours, with XRP grabbing the spotlight after a significant 12% rally. The token climbed to $2.53, attracting $16.6 billion in fresh inflows and increasing its market capitalization from $135.83 billion to $152.41 billion. This performance places XRP ahead of the overall cryptocurrency market, which posted a modest 4.94% gain during the same timeframe.
What’s Driving the XRP Rally?
The primary catalyst behind XRP’s latest move appears to be the promising developments regarding XRP Spot Exchange-Traded Funds (ETFs). Notably, projects from well-established issuers such as Bitwise and Franklin Templeton have surfaced on the Depository Trust & Clearing Corporation (DTCC) list as “active and pre-launch.” While this does not guarantee approval from the U.S. Securities and Exchange Commission (SEC), it signifies that issuers are structurally prepared for a green light, if granted.
Adding fuel to the excitement, Canary Capital’s CEO recently hinted at November 13 as a potentially pivotal date for ETF announcements. Market optimism has also been bolstered by stronger macroeconomic backdrops. Notably, the U.S. Senate passed legislation to prevent a government shutdown, streamlining regulatory reviews, including ETF proposals.
Technical Indicators: Breaking Key Levels
On the technical front, XRP surged past the 23.6% Fibonacci retracement level at $2.55, a move supported by a 91% spike in trading volume, which now stands at $4.98 billion. With a Relative Strength Index (RSI) hovering between 45 and 49, XRP maintains enough upward momentum while avoiding overbought conditions. Crucial price points to watch include $2.46 for support and $2.69 for potential resistance in the near term.
On-chain analysts, including Ali Martinez, have pointed out that XRP displays a bullish flag pattern on its higher time-frame chart. Analysts suggest that a controlled dip toward $1.90 could solidify this structure, paving the way for a targeted breakout to $10 in the medium term.
Invest in XRP Safely
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