XRP News Today: XRP Consolidates at $2.35 Amid ETF Approval Speculation

XRP, the cryptocurrency associated with Ripple, has been experiencing a period of consolidation around the $2.35 resistance level. This consolidation suggests a lack of demand at higher price points, indicating that buyers are cautious about pushing the price further up. The current market sentiment is influenced by speculation surrounding the potential approval of an XRP exchange-traded fund (ETF).

According to analysts' forecasts, there is a significant possibility that the US Securities and Exchange Commission (SEC) could approve ETFs for XRP, Solana (SOL), and Litecoin (LTC) by 2025. This approval could act as a catalyst for the next leg of the XRP rally, as it would provide institutional investors with a regulated way to gain exposure to the cryptocurrency. The approval of an ETF could increase demand for XRP, potentially driving the price higher.

Technical analysis of the XRP/USDT pair shows that buyers pushed the price above the 50-day simple moving average ($2.24) on Monday. However, the long wick on the candlestick indicates selling pressure at higher levels. The 20-day exponential moving average ($2.17) is a key level to watch in the near term. If the price rebounds off this level with force, it could increase the likelihood of a break above the $2.35 resistance, potentially leading to a surge to $2.65. Conversely, if the price breaks and maintains below the 20-day EMA, it could signal that bears are trying to seize control, potentially leading to a slide to $2.06 and later to $2. Buyers are expected to defend the $2 level vigorously, as a close below it could open the doors for a further fall to $1.61.

The 4-hour chart shows that bears are fiercely defending the $2.35 level. There is support at the 50-SMA, but if bears prevail, the pair could drop to $2.06. This level is critical for bulls to defend, as a break below it could sink the pair to $2. On the other hand, if the price turns up from the 50-SMA, bulls will attempt to push the pair to the neckline of the inverse head-and-shoulders pattern. A break and close above the neckline would complete the bullish setup, with a target objective of $2.76.

In summary, XRP's price consolidation around $2.35 is a critical juncture for the cryptocurrency. The potential approval of an XRP ETF could provide a significant boost to the price, but technical analysis suggests that the price could go either way in the near term. Bulls will need to defend key support levels to prevent a further decline, while bears will need to overcome resistance at $2.35 to push the price lower. The outcome of this consolidation phase will be crucial in determining the next move for XRP.