XRP Surges 11% Amid ETF Speculations

The XRP price has surged by over 11% today, with a trading volume of $8.98 billion, indicating a significant increase in buying pressure. This bullish trend is supported by technical indicators such as the Simple Moving Average (SMA) and the Moving Average Convergence Divergence (MACD), which suggest a strong bullish action for the altcoin.

The XRP price has displayed a robust bullish recovery this week, adding over 20% to its valuation. This price surge comes amidst rising speculations of a possible ETF and the Securities and Exchange Commission (SEC) officially accepting to review the XRP ETF. With a potential XRP ETF approval around the corner, investors and institutions are closely monitoring the price action, raising questions about the short-term prediction of the altcoin.

The price of XRP has jumped by approximately 11% in 24 hours, with a trading volume of $8.988 billion, representing a change of +72.94%. Additionally, the altcoin has surged by around 20% over the last seven days, highlighting an increase in the buying-over-selling pressure in the market.

The MACD indicator displays a constant rise in the green histogram with its averages recording a bullish convergence in the daily time frame. This suggests that the third-largest crypto token may continue gaining value. Furthermore, the SMA indicator witnesses a positive crossover in the XRP price chart, indicating a strong bullish action for the altcoin in the cryptocurrency space.

If the market favors the bulls, the Ripple price could retest its immediate resistance level of $3.00. Maintaining the price above that level could set the stage for this altcoin to head toward its upper resistance level of $3.50 this month. Conversely, if the bears outrun the bulls, the XRP coin price could retest its support level of $2.50. In the event of an intensified bearish sentiment, this altcoin may plunge toward its crucial low of $2 in the coming time.

As of writing, the value of one XRP token was $2.7887. While the SEC has started acknowledging the filing for XRP ETF from "NYSE and Grayscale" today, the long-term possibilities of the altcoin remain uncertain. Investors are advised to stay informed