Against the backdrop of Bitcoin and Ethereum's stagnation, XRP has suddenly taken center stage. This rise is linked to important legal and technical factors.
XRP Growth and Technical Indicators
XRP has crossed a major milestone, reaching $2.92, making it the top performing asset among the top ten cryptocurrencies. After several months of lateral movement, it managed to break two resistance levels, confirmed by numerous technical indicators.
Key indicators include:
- RSI of 81 indicating strong buying momentum; - ADX of 34 signaling a robust bullish trend; - EMA 50/200 crossover, which is typically viewed as a bullish signal; - Activated Squeeze Indicator showing a volatility expansion phase; - Significant trading volume in the range of $2.00–$2.40, forming technical support.
Ripple's Legal Achievements and Institutional Interest
A significant milestone was the SEC's withdrawal of its appeal against Ripple at the end of June, concluding a four-year litigation process. Judge Analisa Torres had previously determined that XRP sales on secondary platforms did not violate securities laws, allowing Ripple to avoid major penalties and move towards institutional adoption.
Additionally, Ripple applied for a federal banking license, opening new opportunities for working with institutional clients.
Future of XRP in the Context of ETFs and the Market
Following these legal victories, 11 asset managers have submitted applications for a spot XRP ETF. UXRP and SLON products have also been launched. According to Polymarket, the probability of XRP ETF approval by the end of the year stands at 85%.
These changes could significantly impact XRP's future trajectory, potentially increasing institutional interest and demand for this asset.
XRP demonstrates impressive growth amid legal successes and increasing interest from institutional investors. These factors could lead to significant changes in the crypto market.
