XRP News Today: XRP Confirms Key Support Bounces 7% in 24 Hours Amid ETF Hopes

XRP has recently confirmed a major support level, sparking renewed optimism among traders and analysts who believe the asset could rally toward $6. According to technical analysis by pseudonymous crypto expert Master Ananda, XRP established a key low during the week of July 28, followed by the formation of a higher low, suggesting a potential for upward movement [1]. The price has since shown signs of strength, rebounding quickly after a temporary pullback below $3, a retracement that lasted five weeks before signs of a trend continuation emerged.

A key bullish sign is the asset’s behavior around the 13-day exponential moving average (EMA), where selling pressure was swiftly absorbed, allowing for a rapid recovery of recent losses [1]. Ananda noted that this swift rebound suggests XRP is unlikely to fall back into a prolonged downtrend, and that the retracement phase has likely concluded. With the support zone confirmed, the price could now resume its upward trajectory, with initial targets set at $4.44 and $6.28 [1].

Beyond technical indicators, XRP is also being supported by positive fundamental developments. The dismissal of the SEC’s case against Ripple has opened the door for potential spot XRP ETF approvals, a development that could significantly boost demand. On August 22, multiple asset management firms—including Canary, CoinShares, Franklin Templeton, and others—submitted revised ETF applications, indicating a growing institutional interest in the token [1]. Bloomberg Intelligence now estimates a 95% probability of XRP ETF approval, further fueling market optimism.

At press time, XRP was trading at $3.03, showing a more than 7% gain in the last 24 hours, although it remains 3% lower on the weekly chart [1]. To reach the projected $6 level, XRP must first maintain its current support near $3, and the broader crypto market must continue to show bullish sentiment. Analysts suggest that if the token can sustain this level and gain institutional backing through ETFs or other structured products, the path to a significant price increase could be accelerated.

The market is, however, cautious. XRP has struggled to consistently break above $3, and while the recent support confirmation is promising, volatility remains a concern [1]. Analysts remain divided on the timing and strength of the potential rally, with some suggesting that regulatory clarity and ETF approvals will be key catalysts [1]. As the crypto market continues to evolve, XRP’s price performance will largely depend on macroeconomic conditions, investor sentiment, and the pace of institutional adoption.

Source: [1] Finbold (https://finbold.com/xrp-price-set-for-6-after-confirming-major-support/)