XRP Rallies 10% In 24 Hours: What Is Going On?

XRP XRP/USD is back in the spotlight after the Securities and Exchange Commission acknowledged Grayscale and NYSE Arca's spot XRP ETF filing, potentially putting XRP on the fast track to Wall Street adoption.

What happened: At the time of writing, XRP is trading at $2.70, up 10% in the last 24 hours.

XRP is outperforming other majors, such as Bitcoin BTC/USD at $96,600 (+0.7%) and Ethereum ETH/USD is at $2,682 (+0.7%).

Read also: Bitcoin, Ethereum, Dogecoin Dip As XRP Holds Steady: Trader Warns Of Potential Drop To $92,000 Without Improvement

Why It Matters: For years, cryptocurrency advocates have been pushing for a spot XRP ETF, arguing that it would simplify institutional access to XRP—similar to spot Bitcoin ETFs.

With the SEC seeking public comments, an XRP ETF could, if approved, open the floodgates to massive investments.

Big-name financial firms like WisdomTree, Bitwise, 21Shares, and Canary Capital have all submitted applications for spot XRP ETFs, signaling growing interest from traditional finance. 

Crypto analysts estimate that an XRP ETF could inject between $4 billion and $8 billion into the market within its first year. This level of institutional investment could drive XRP's price higher and cement its place as a top-tier crypto asset.

Bloomberg ETF analyst James Seyffart has previously estimated the chances of an approval to be around 60%.

The SEC's stance on crypto has been shifting after former Chair Gary Gensler's departure.

With pro-crypto President Trump in charge and SEC Chair Paul Atkins taking a more open-minded approach, XRP investors are hopeful that this time, regulators won't stand in the way.

Technical Analysis:

XRP is currently consolidating, with resistance at $3.3991 and support at $2.20-$2.30.

A break above the descending trendline could push it to $3.17-$3.40, while failure to hold support may see a drop toward $2.00.

The next move hinges on bulls reclaiming momentum or sellers taking control. With ETF optimism rising, all eyes are on the SEC's decision.

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