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Highlights
- Ripple (XRP) price surged 7% within the daily timeframe on Friday, Feb. 14, 2024, extending its weekly gains to 20%.
- Grayscale’s XRP and Dogecoin ETF application has been acknowledged by the SEC, fueling optimism for more altcoin ETF approvals in 2025.
- XRP open interest consolidates below $4 billion, reflecting only a 7% increase since the start of the week
Ripple (XRP) price surged 7% on Friday amid bullish sentiment fueled by the SEC’s acknowledgment of Grayscale’s XRP and Dogecoin ETF filings. With open interest lurking below $4 billion, bull traders are eyeing a potential retest of the $3 territory.
Ripple (XRP) Climbs 7% as SEC Acknowledges ETF Application for XRP and DOGE Spot ETF
Ripple (XRP) has been riding a strong uptrend in recent months, fueled by shifting regulatory sentiment following a change in the U.S. presidential administration. After enduring a prolonged legal battle under the Biden administration, Donald Trump’s election victory has injected fresh optimism into the market. His campaign promises to ease crypto regulations have strengthened investor confidence in XRP and the broader altcoin market.
That bullish sentiment intensified on Friday as the U.S. Securities and Exchange Commission (SEC) acknowledged Grayscale’s filings for XRP and Dogecoin spot ETFs. This move, though procedural, signals a possible shift in regulatory attitude towards altcoin-based exchange-traded funds, analysts say.
“That’s a good sign in the case of these altcoins, which in the past have been told to withdraw right after filing. This bumps up slightly our already pretty good odds of approval,” Bloomberg Intelligence analyst Eric Balchunas said on X (formerly Twitter).
Under former SEC Chair Gary Gensler, the agency swiftly dismissed similar filings, citing concerns over market integrity. However, the latest acknowledgment suggests a changing landscape, with many traders interpreting it as a precursor to broader altcoin ETF acceptance in 2025.
The news propelled Ripple price into a 7% intraday rally, pushing its market capitalization to $157.8 billion. The token now hovers near a critical resistance level, with bullish momentum sustaining hopes for a continued uptrend.
XRP Open Interest Flows Signal More Gains Ahead
Despite the 7% rally in the spot market, derivative market trends indicate further upside potential. XRP’s open interest has been steadily climbing, suggesting that leveraged traders are positioning for more gains.
According to data from Coinglass, XRP open interest has surged from $3.5 billion to $3.8 billion between Feb. 11 and Feb. 13. This represents an 8% increase since the beginning of the week, highlighting growing investor confidence.
A rising open interest typically signals fresh capital inflows into the market, reinforcing the ongoing bullish trend. While XRP’s price has already registered a 20% gain on the weekly timeframe, the current derivative positioning suggests the uptrend may have further room to run.
If open interest continues climbing toward the $4 billion mark, it could catalyze another wave of price appreciation, pushing XRP towards key resistance levels. With growing optimism surrounding regulatory approvals and sustained institutional interest, XRP appears poised for further upside in the coming days.
XRP Price Forecast: Rocky Road to $3
XRP’s bullish momentum remains intact despite a volatile ride, as its price inches toward the psychological $3 resistance. The daily chart shows a textbook bullish pennant breakout, confirming a continuation of its prior uptrend. Price action has respected the Parabolic SAR indicator, with the dots consistently forming below the candlesticks, signaling an upward trend. Following the breakout, XRP rallied 20% in four days, a sign of strengthening bullish sentiment. The current consolidation above $2.70 suggests a potential re-accumulation phase before another leg higher.
MACD momentum hints at a potential shift. The bearish crossover seen earlier resulted in fading selling pressure, but the histogram has begun contracting, indicating possible bullish divergence. A fresh crossover of the MACD line above the signal line would validate further upside, likely sending XRP toward its $3 target. However, failure to sustain support above $2.50 could invite renewed selling pressure, retesting $1.78 as a critical support level. The coming sessions will determine whether bulls have the strength to reclaim higher ground or if bears will force another correction.
Frequently Asked Questions (FAQs)
1. Will XRP reach $3 soon?
2. How does SEC acknowledgment of Grayscale's ETF impact XRP?
3. What does rising open interest mean for XRP?
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