XRP Price Increases 4% Following Franklin Templeton ETF Filing
Despite market consolidation, the price of XRP increased by 4%, surpassing $2.20. This rise is linked to Franklin Templeton's filing for a spot XRP ETF with the SEC.
Key Points on XRP Price Movement
- XRP staged a 10% recovery after dropping below its crucial support of $2 earlier this week.
- Daily trading volumes decreased by 27% to $6.9 billion.
- Analyst Rose Premium Signals predicts a potential breakout from a descending channel, with targets at $2.32, $2.61, $2.90, and $3.35.
- Continued price movement may depend on developments regarding the XRP ETF approval and the Ripple lawsuit settlement.
Franklin Templeton's ETF Filing
On Monday, Franklin Templeton filed for a spot XRP ETF, designating Coinbase Custody Trust Company as the custodian for the fund’s XRP holdings. This move coincided with the SEC delaying its decisions on other altcoin ETF applications.
Ripple Lawsuit Settlement Insights
The SEC vs. Ripple lawsuit may resolve before April 16, 2025. Attorney Fred Rispoli suggests that the SEC could be awaiting the appointment of Paul Atkins as Chair to potentially drop the lawsuit, which could positively impact XRP's market position.