In the past 24 hours, XRP's value has increased by 6.57%, reaching $2.58. The rise is attributed to news about a potential ETF backed by BlackRock and progress in the Ripple vs. SEC lawsuit.
ETF Speculation and Lawsuit Progress
According to CoinGape, rumors about BlackRock potentially filing for a spot XRP ETF have intensified. Simultaneously, the Ripple-SEC lawsuit has entered its final stage, with both parties filing a joint motion to dismiss remaining appeals. Crypto analysts, including those from JPMorgan, suggest that an XRP ETF could attract over $8 billion in capital inflows if approved later this year.
Technical Breakout Validates Bullish Trend
XRP's breakout above the $2.50 pivot triggered a wave of algorithmic and manual buy orders. The Relative Strength Index (RSI 14) currently sits at 72.29, indicating elevated but not extreme momentum. Fibonacci extension levels suggest the next resistance lies at $2.73 and $2.96, matching previous local highs. Trading volume spiked 29% to $6.8 billion in 24 hours, confirming the strength of the move.
Outlook for XRP
XRP now faces key resistance near the $2.73 level. If ETF filings are confirmed or the legal case is resolved, institutional buyers may drive the price higher. However, lack of concrete news could prompt short-term profit-taking. Investors are closely watching for regulatory developments in the days ahead.
XRP's rise can be attributed to speculation surrounding the potential ETF and progress in the legal dispute with the SEC. Expectations of institutional investments may support further growth.
