XRP had a lot of development over the last six days. These events resulted in the asset registering significant price improvements.
The one-day chart shows that the altcoin was on the rise when the week started and maintained a bullish trend for most of the session.
It printed a green candle on Monday but failed to print the same result the next day. Nonetheless, it surged to a high of $2.52 before retracing. It recovered from a dip to $2.32 on Wednesday, surging to another retest of the $2.50 barrier.
XRP broke decisively and flipped the highlighted mark on Thursday, hitting a high of $2.60. The uptick continued the next day, printing the coin’s most extended candle. It opened trading at $2.55 but surged after a slight decline.
The altcoin broke above the $2.80 barrier and peaked at $2.83. It faced notable retracement afterward. It tested the mark again a few hours ago but grapples with corrections after peaking.
The one-week chart shows that the asset has gained more than 14% over the last six days. Several fundamentals contributed to the gains.
Fueled by ETF
The concept of exchange-traded funds (ETFs) is no longer new to the crypto market, with the introduction of the BTC and ETH ETFs. Issuers are pushing to include other assets in this class, and XRP caught many people’s attention.
Grayscale is one of the frontrunners for an XRP ETF. It recently filed a notice with the Securities and Exchange Commission seeking to convert its XRP-Trust into an exchange-traded fund. The regulator officially acknowledged its filing, creating optimism about the chance of approval.
Although the acknowledgment does not confirm a speedy nod, it marks a significant shift in the SEC’s approach to altcoins. In reaction to the latest event, the odds on the crypto prediction market Polymarket increased. Some investors strongly believe in an impending approval, with 80% of stakers sharing the same conviction.
Buying has significantly increased since the odds of the SEC’s nod to the Ripple ETF have increased. Some investors are moving assets to cold storage. Whale Alert spotted such a massive move a few hours ago. An anonymous wallet moved 300 million XRP from Ripple to another wallet, and a 90 million XRP move followed.
XRP May Break Above $3
XRP is trading close to a critical mark. At the time of writing, it is around $2.76. Its current price mark puts it closer to the 23% Fibonacci level. Previous price movement suggests that a decisive flip may result in a retest of the $3 mark.
The average directional index shows a shift in price trajectory. It was on the uptrend starting Jan. 31 as the bearish sentiment remained strong. The trend continued until it had a change in movement on Feb. 12. It is currently on a downtrend as the bullish sentiment grows.
The Bollinger band supports claims of the asset flipping $3. It bounced off the lower band on Feb. 7 and continued upward after trading sideways for some time. A rebound off this mark in recent times saw the altcoin surge to retest the upper band. This may result in XRP flipping $3.20.
The moving average convergence divergence prints bullish signals at the time of writing. The 12-day EMA completed its convergence a few hours ago, and a divergence is ongoing, which may herald further price increases.
