XRP News Today: XRP Price Surges 7.35% Amid ETF Approval Anticipation

As the deadline for the Securities and Exchange Commission (SEC) to approve a spot XRP exchange-traded fund (ETF) approaches, the anticipation among crypto enthusiasts has intensified. ProShares and Franklin Templeton have recently submitted applications for approval, which could potentially transform XRP into a spot ETF in the U.S., joining the ranks of Bitcoin (BTC) and Ethereum (ETH).

ProShares has requested the SEC to make a final ruling on its XRP and Solana ETFs by June 25, 2025. Meanwhile, Franklin Templeton's application has a faster deadline, with a decision expected by June 17. The approval of these ETFs would provide institutional players with regulated access to XRP, potentially increasing the token's liquidity, adoption, and long-term profitability.

On-chain data indicates a significant increase in the average daily active addresses on the XRP ledger, with approximately 295,000 addresses over the last week, compared to the 3-month average of 35,000 to 40,000. This surge suggests heightened network usage, driven by market optimism and anticipation of growth. Additionally, the number of wallets containing 1 million or more XRP has exceeded 2,700 for the first time in over 12 years, boosting confidence among high-net-worth owners.

The XRP price has shown a sharp comeback with a 7.35% jump within 24 hours, reclaiming a market capitalization of $136.6 billion. The 200-day Exponential Moving Average (EMA) acts as a major support around the $2 mark, while the 50-day EMA has witnessed a bullish convergence just above the $2.25 mark, indicating increasing buying pressure. The Relative Strength Index (RSI) shows a positive reversal above the oversold range, currently valued at 55.46, suggesting a potential move toward the overbought range in the shorter time frame.

According to the analyst's forecast, the XRP price could breach its immediate resistance of $2.35 and retest its price targets of $2.57 or $3 in the upcoming time. However, a bearish pullback may result in it retesting its immediate support of $2.14. A delayed decision or a negative result may pull the price toward its lower support trend levels of $2 or $1.94 in the upcoming time. On the other hand, optimism and a potential approval of XRP ETF could push the price toward its upper range of $3.50 or above this month.