XRP is once again in the spotlight as the U.S. Nasdaq has submitted a listing and trading application for a CoinShares XRP Exchange-Traded Fund (ETF) to the SEC. This major development has sparked excitement among traders and investors, potentially paving the way for institutional adoption. But how does this impact XRP’s price trajectory? Let’s analyze key price levels, trading sentiment, and potential market movements.
Recent data from Coinglass highlights that approximately $65 million in liquidity is positioned around the $3.20 level. This suggests a strong concentration of orders, which could act as a significant resistance or support zone depending on market reactions.
On Binance, the world’s largest cryptocurrency exchange, the XRP/USDT long/short ratio stands at 2.40, indicating that for every 2.40 long positions, there’s only one short position. Additionally, 70.53% of top XRP traders on Binance are holding long positions, further reinforcing the bullish sentiment.
Key Support and Resistance Levels to WatchAs of now, XRP price is trading near $2.43, maintaining stability above the crucial support level of $2.27. If this level holds, a bullish rebound toward $3 could be on the horizon. However, strong resistance is expected between $2.58 and $2.63. Should XRP successfully break above this range, the next major resistance stands between $3.20 and $3.30.
On the downside, XRP’s short-term support lies between $2.25 and $2.30. A daily candle closing below $2.25 could push the price toward the next support zone at $1.95–$2.05.
Despite market fluctuations, XRP’s trading volume has increased by 48% over the past 24 hours, showcasing growing investor interest. This uptick in activity, combined with an ascending trendline, suggests that XRP remains in an uptrend despite short-term uncertainties.
Crypto analysts, including ALI Martinez , point out that XRP’s price action is strong as long as it remains above $2.27. If buying pressure sustains, XRP could gain enough momentum to test the $3 mark. A decisive push beyond $3.20 may trigger a new wave of buying interest, potentially setting the stage for an extended rally.
However, if XRP fails to hold its key support levels, it could face short-term pullbacks before attempting another breakout. Investors should closely monitor market developments, including updates on the Nasdaq XRP ETF application, as this could significantly influence sentiment and price direction.
With strong trader participation, rising trading volume, and the potential approval of an XRP ETF, XRP remains a cryptocurrency to watch. If market conditions remain favorable and XRP holds above crucial support levels, a move past $3 could be imminent. However, traders should stay cautious of key resistance levels and potential pullbacks.
XRP’s next move hinges on key support and resistance levels—stay ahead of the market as the ETF approval process unfolds. Keep an eye on these critical price levels as market dynamics continue to evolve.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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