XRP news today: XRP Surges 10% to $2.35 on ProShares ETF Approval

XRP, the digital asset from Ripple, has seen a surge in price, reaching a multi-month high of $2.35 before retracing to $2.32. This price increase comes on the heels of the U.S. Securities and Exchange Commission's approval of the ProShares XRP ETF, which has opened up new opportunities for cryptocurrency investors. The regulatory clarity provided by the SEC has boosted investor confidence in the Ripple token, leading to increased market activity and potential for further price elevation.

The approval of the ProShares XRP ETF marks a significant milestone for XRP, as it is the first futures XRP ETF to be launched. This development is expected to attract institutional investors, increase trading volumes, and provide a safer and more accessible method for handling digital assets. The ETF is set to go live on April 30, and its launch is anticipated to boost capital flows into XRP, potentially pushing the price towards $3.

Various indicators suggest that XRP has the potential to reach a price point of $3. The cryptocurrency has demonstrated exceptional price stability, even as the broader cryptocurrency market experiences volatility. The market valuation of XRP continues to increase, driven by new institutional interest sparked by the ETF approval. Technical analysis reveals that XRP is bullish, with its moving averages and RSI indicators displaying positive upward momentum. The key moving averages have flipped into support levels at $2.00 and $2.18, aligning with the 200-day and 50-day MAs. If these support levels hold steady, the XRP price could be poised for further upside towards $2.54, $2.70, and $2.80 in the short term, with a highly bullish case potentially breaking out to $3.

The RSI is currently sitting above the 50-mean level at 61, indicating intense buying pressure in the market. The MACD momentum indicator has also flipped above the signal line, indicating a bullish divergence. These technical indicators suggest that investors and traders are at liberty to buy more XRP, unless the MACD changes. However, several external variables will influence XRP's ability to reach $3, including ongoing institutional interest and the launch of new financial products utilizing XRP. If early profiteering commences in the XRP market, the Ripple token could drop, with the $2.23 support area acting as a safety net against further downside. Until then, the bulls have the upper hand, as the odds tilt towards further upside.

On-chain metrics also present a favorable market environment for XRP. Derivatives data analyzed by Coinglass show that open interest and volume have experienced sharp increases. During this period, the open interest increased by 7% to $4.16 billion, while the volume soared by 132%, reaching $9.97 billion. An increase of 350% brings the options volume to $1.52K, while increases in options open interest reached 20%, for $627.51K. This intense market activity suggests that investors are showing increasing trust in XRP investments, and the launch of the ProShares XRP ETF on April 30 is a promising catalyst that may cause XRP to reach $3 quickly.