The recent approval of a new ETF from Grayscale by the U.S. regulatory body may significantly influence the cryptocurrency market, particularly for XRP.
New Grayscale ETF
The U.S. Securities and Exchange Commission (SEC) has officially approved a new exchange-traded fund (ETF) from Grayscale that includes some of the largest cryptocurrencies: Bitcoin, Ethereum, Solana, Cardano, and XRP. This product is set to become the largest multi-token digital asset ETF in the world and may open doors for individual spot ETFs for coins like XRP, Solana, and Cardano.
Impact on XRP Price
Since the ETF approval news, XRP's price has shown some action. On the charts, XRP recently broke above a key resistance level between $2.19 and $2.20, but is now trying to hold above this range to confirm new support. If XRP can stay above this level, it may aim for the next resistance at $2.25, with a possible wick towards $2.32 to $2.35. If it fails to hold above $2.19, however, the price might drop back to around $2.10.
Expert Opinions
Analyst Casi Trades stated, "After reaching $2.30 resistance, price wasn’t able to hold the $2.25 support level. Instead, it’s now pulling back to retest the top of the consolidation, ~$2.18 to $2.16. This isn’t a breakdown (yet), but this test matters." If the price manages to stay above this zone and reclaim $2.25, it could spark a rally toward $2.69 and higher.
The approval of the Grayscale ETF could have a significant impact on the cryptocurrency market, especially for XRP, where support and resistance in current price ranges play a critical role.
