XRP's price has rebounded, reaching $2.30 due to market factors and optimism about potential ETF approval.
Market factors contributing to XRP's rise
Last week, both cryptocurrency and stock markets experienced a recovery, leading to XRP's price increase. Major U.S. indices like the Dow Jones, S&P 500, and Nasdaq 100 each rose by more than 1.5%. Additionally, the odds of SEC approving an XRP ETF have increased, potentially drawing new investors.
Technical analysis of XRP price
Current support for XRP at $1.9447 is crucial as it serves as the neckline of the 'head and shoulders' pattern forming since November. A drop below this level could lead to further declines to the psychological level of $1.00.
Impact on Ripple Labs' position
Speculation continues regarding the possible dismissal of the SEC's lawsuit against Ripple Labs, which would allow the company to strengthen its position against SWIFT through new partnerships with financial institutions.
XRP's price surge is bolstered by market optimism and expectations of potential ETF approval, along with the possible end of legal proceedings with the SEC.
