XRP Price Surges 10% on SEC ETF Filing Acceptance

XRP Price Surges 10% as SEC Accepts Its ETF Filling

XRP price has surged by 10% in the last 24 hours, with its trading volume nearly doubling to $8 billion. This strong momentum has pushed XRP's Relative Strength Index (RSI) back into overbought territory for the first time in almost a month. The surge came after the SEC accepted XRP's ETF filing, although this does not yet mean it has been approved.

Meanwhile, whale activity remains relatively stagnant, with the number of large holders showing only slight movement after a recent surge and decline. As XRP hovers near key resistance levels, traders are closely watching to see whether this rally has the strength to continue or if a correction is on the horizon.

XRP's Relative Strength Index (RSI) has surged to 72.2, climbing from 50 just a day ago. This sharp increase highlights strong bullish momentum in XRP price action, with traders pushing the asset into overbought territory for the first time in nearly a month. Such a rapid rise in RSI suggests intensified XRP buying pressure, signaling that demand has significantly outpaced supply in the short term.

The RSI is a momentum indicator that measures the speed and magnitude of price movements on a scale from 0 to 100. Typically, an RSI above 70 suggests an asset is overbought and may be due for a pullback, while an RSI below 30 indicates oversold conditions, potentially leading to a rebound.

With XRP now in overbought territory, the likelihood of a short-term correction increases as traders might start securing profits. However, if buying pressure persists and RSI remains elevated, it could indicate the start of a stronger bullish trend, pushing XRP to higher resistance levels.

The number of XRP whales – wallets holding between 1 million and 10 million XRP – jumped from 2,081 to 2,136 between February 1 and February 2, signaling strong accumulation. However, this surge was short-lived, as the count began to decline, reaching 2,118 by February 9. Such movements suggest that while some large holders were accumulating, others may have started taking profits or redistributing their holdings.