XRP Price Spikes 5% as SEC Acknowlegdes WisdomTree’s XRP ETF Filing – Bulls Target $3

Highlights:

• XRP price soars over 5% as trading volume spikes. 
• The recent rise comes as the Brazilian SEC approved Hashdex’s launch of the spot XRP ETF.
• The analyst predicts a pullback in the XRP market despite an 11% rebound. 

XRP price has recorded gains of over 5% today amid a flurry of positive market trends that have boosted market sentiment. XRP’s daily trading volume has notably spiked 10% to $5.41 billion, indicating heightened market activity. The recent rise comes as the Brazilian Securities and Exchange Commission (CVM) approved Hashdex’s launch of the world’s first spot XRP ETF. 

💥JUST IN: 🇧🇷Brazil's SEC approves Hashdex's spot $XRP ETF! This is the world's first $XRP ETF to be registered pic.twitter.com/htl6fDOCXL

— Amonyx (@amonbuy) February 19, 2025

Notably, the US SEC has acknowledged a flurry of crypto ETF filings, further bolstering market sentiment. The regulators recently acknowledged ETF filings by Canary Capital and WisdomTree. This comes just after the US SEC acknowledged XRP ETF filings from Bitwise, Grayscale, and 21Shares. 

🚨 Breaking: SEC Acknowledges Filings for Canary & WisdomTree Spot XRP ETFs 🇺🇸👀 $XRP $ETF pic.twitter.com/Bz7ox4l4zG

— Brett (@Brett_Crypto_X) February 20, 2025

Despite the positive outlook, Ali Charts, a well-known analyst, has highlighted a pullback in XRP price. According to the analyst, XRP price could be gearing up for a pullback, as the TD Sequential indicator flashes a sell signal on the 3-hour chart after the recent 11% rebound.

$XRP could be gearing up for a pullback, as the TD Sequential indicator flashes a sell signal on the 3-hour chart after the recent 11% rebound! pic.twitter.com/k8SetFIQ8F

— Ali (@ali_charts) February 20, 2025

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $2.70
• Trading volume (24h) – $5.41 billion
• Market cap – $156.32 billion
• Total supply – 99.98 billion
• Circulating supply – 57.81 billion
• XRP ranking – #3

The XRP price is winning on the charts today, soaring 6% to the $2.70 mark. The price is trading well within a consolidation phase, with the nearest resistance at $2.72 and the closest support at $2.29. The 50-day MA (2.72) is slightly above the 200-day MA (1.44), indicating a minor bullish momentum. 

However, the price has recently shown signs of upward potential as the bulls aim to retest the channel’s upper boundary. Suppose the bulls manage to sustain the price above the 50-day MA at $2.72, they could trigger an upward trajectory. In that case, there is a strong possibility that XRP will push toward the $2.80 resistance level, where a breakout could trigger further upside potential.

XRP Price Poised for a Breakout to $3

From a technical perspective, XRP currently oscillates between $2.29 and $2.81, showing signs of consolidation within this range. However, the recent surge in long orders, reflected by increasing open interest, indicates that buyers are regaining control of the market. Further, this consolidation phase may act as an accumulation period before the XRP price spikes to $3.

On the bearish side, failure to hold above the $2.72 resistance level could see XRP retracing toward the $2.29, $2.12, and $1.88 support levels. The increasing volume in recent sessions suggests heightened market activities among traders. This indicates that a move above the key resistance zone at $2.72 could invite more buying pressure.

Bullish Technical Indicators Signal Upward Trajectory

A closer look at the Relative Strength Index (RSI) at 51.95 suggests some indecision among bulls and bears. Increased buying pressure at this level could cause the RSI to hurtle into overbought territory, cementing the bullish sentiment.

On the other hand, the Moving Average Divergence Convergence (MACD) has flipped above the orange signal line, upholding a buy signal. This calls for traders and investors to buy more XRP in the market. 

Looking ahead, the next move will depend on whether XRP can sustain momentum above the $2.72 mark. A strong push toward the $2.90 resistance zone would confirm bullish control, and breaking above this level could open the door for higher price targets toward the resistance levels of $3.14, $3.31, and $3.38. 

On the other hand, if $2.72 fails to hold as support, then traders should be cautious of a potential retest of $2.53, which could signal a deeper pullback. The current uptrend remains intact, but traders should watch for increased volume and momentum confirmation to determine the next major price direction.