XRP news today: XRP Surges 5% as ETF Approval Odds Hit 85%
1min read XRP has seen a notable increase of nearly 5% in the past month, as the broader cryptocurrency market has rebounded from its yearly lows. This surge in interest is reflected in the token's open interest, which has risen from $3 billion to $4 billion, marking a 33% increase over the past week. The pseudonymous crypto analyst The Cryptonomist, whose account is followed by nearly 138,000 users, has predicted that XRP could spike to the $2.5 level after retesting a key trend line support. However, this prediction is modest compared to the market's expectations if an XRP-linked exchange-traded fund (ETF) is approved by the U.S. Securities and Exchange Commission (SEC).
According to ETF expert Eric Balchunas, the odds of approval for an XRP-linked ETF have surged to 85% this year. Seven different asset management companies, including Grayscale, Canary, and bitwise, have filed applications for an XRP-linked investment vehicle. This development has significantly boosted market sentiment, with the Fear and Greed Index moving from a record low of 15 (Extreme Fear) to 52 (Neutral outlook).
Looking at the daily chart, XRP remains above its 200-day exponential moving average (EMA), indicating that its uptrend is intact despite recent market weakness. The price has also broken above the 21-day EMA with strong volumes, suggesting a bullish short-term outlook. Based on the size of the price channel that XRP recently broke, this bullish breakout gives a short-term target of $3.2 for the token, resulting in a 45.5% upside potential from current prices. The 21-day and 200-day EMA are key support levels to watch in the coming weeks.
While it may take some time for XRP to reach a 10x increase, the approval of an ETF is expected to propel the price to a fresh all-time high. This means that XRP could at least double from its current levels once these investment vehicles are approved. For those seeking more immediate upside, early-stage presales like MIND of Pepe (MIND) are gaining traction. MIND of Pepe is an AI agent token that leverages the power of AI and the popularity of a viral meme (Pepe the Frog) to captivate large audiences across social media platforms. The agent is designed to gain influence by interacting with top social media accounts interested in the crypto market, collecting valuable insights, and identifying potential opportunities to share exclusively with $MIND holders. As the agent increases its influence, it will be able to launch its own meme coins to capture nascent social trends, providing $MIND holders with VIP access to presale events of these new tokens.
