XRP’s price jumped 6.57% to $2.58, breaching the critical $2.50 resistance level as renewed spot ETF speculation and positive developments in the Ripple-SEC legal battle fueled market optimism. This rally reflects the strongest buying pressure in weeks, with heightened trading activity and optimistic technical indicators supporting the upward movement.
Speculation intensified that asset management giant BlackRock may file for a spot XRP exchange-traded fund, potentially channeling substantial institutional capital into the cryptocurrency. Such a move would significantly boost market liquidity and provide regulated exposure to XRP for traditional finance investors.
Concurrently, Ripple and the SEC submitted a joint motion regarding the ongoing lawsuit, signaling procedural progress that improved investor sentiment. The legal development is viewed as a potential step toward resolving the long-standing regulatory uncertainty that has weighed on XRP’s valuation.
Technical indicators underscore the bullish momentum, with XRP’s Relative Strength Index (RSI) reaching 72.29 and 24-hour trading volume hitting $6.8 billion. Analysts identify the next major resistance levels at $2.73 and $2.96, with sustained upward potential dependent on continued favorable market conditions and regulatory clarity.