XRP Price Gains Bullish Momentum as US Spot ETF Approval Odds Rise
Bitcoin has retested a resistance level around $98.5k. XRP has shifted to a bullish momentum with a fully diluted valuation of approximately $266 billion and a 24-hour trading volume of about $3.2 billion, testing resistance between $2.6 and $2.8.
- XRP is forming a potential head and shoulders pattern and showing bearish divergence in the Relative Strength Index (RSI).
- Market reversal fears are present due to low whale activity and uncertainties from US tariffs.
- The weekly timeframe shows XRP retesting crucial support/resistance at the 2021 all-time high.
- A bullish pennant flag formation has developed over three months after breaking out from a six-year consolidation.
- Failure to stay above $2.25 may delay bullish sentiment for XRP.
Spot XRP ETF Developments
- Grayscale Investments and others have filed for a spot XRP ETF with the US SEC.
- The SEC acknowledged Bitwise's application, increasing approval odds.
- Grayscale's filing is now on the Federal Register, with a decision due by October 18, 2025.
- The chance of spot XRP ETF approval in the US rose to about 81% on Polymarket.
- Brazil has approved the first spot XRP ETF by Hashdex, influencing potential US decisions.
- US President Trump has expressed support for clear crypto regulations, boosting optimism for Ripple amidst ongoing legal issues.