XRP Bulls Eye $3.2 as SEC ETF Review Boosts Momentum

The XRP price has shown a clear recovery in recent months, suggesting that the upcoming weekend could be influenced by bullish sentiment. Despite this, some analysts believe that the XRP price may experience a small pullback, even as the technical indicators turn bullish.

In the past few months, the XRP price has displayed significant bullish momentum after breaking out of a prolonged consolidation phase. The token, once speculated to be dead, underwent a 500% jump followed by a 30% correction. However, the price has since triggered a strong recovery after encountering a bearish start to the month, hinting at an impending reversal.

The SEC's recent acknowledgment of the filing for the 21Shares spot XRP ETF has highlighted the growing institutional interest in the third-largest token amid regulatory developments. As a result, the XRP price experienced a 10% surge, influenced by ETF approval news and increased utility via real-world assets on the XRP ledger. With the SEC reviewing Grayscale's proposals for XRP and DOGE ETFs, the question remains: will this news push the token above $3.2?

The XRP price has increased by over 15% in the last seven days, rising from $2.30 to $2.80. However, a breakout from the upper range was required to maintain a strong upswing. The price marked daily highs above the range but failed to sustain, displaying weakness among the bulls. A popular analyst, ALI, suggests that the price may undergo a small correction in the short term, as the TD sequential indicator flashes a sell signal after a 22% price surge.

In the short term, the XRP price is struggling to rise above $2.8, and as the bullish strength appears to have faded, the token may drop to the support level that acted as a strong resistance before. Additionally, the stochastic RSI is decremental, supporting a bearish narrative. Therefore, a small pullback to $2.5 seems imminent during the upcoming weekend.

The SEC's consideration of the XRP ETF marks a significant milestone in Ripple's legal journey, potentially boosting adoption and institutional attention. Some experts predict that XRP may soon replace Ethereum in the coming days, as the latter struggles due to inflation and centralization. This makes XRP a strong contender to be