The XRP market experienced an important demonstration on the last day after the recognition of the SEC of the Grayscale ETF XRP filling. According to CoinmarketCap data, the prominent Altcoin increased by 11% reaching a local $ 2.81 peak before experiencing a significant setback to $ 2.39. With XRP increasing again, investors must notice that the asset must climb certain price barriers to validate their current upward impulse.
XRP must exceed $ 3.40 to retain market interest
Popular Market Analyst Egrag Crypto has shared an intriguing XRP market analysis. In a X publication On February 14, the cryptographic expert states that the third largest cryptocurrency must achieve a strong closure above $ 2.75 (marked in green) to maintain its current ascending trend.
Based on historical data, $ 2.75 has presented a significant level of resistance. If XRP can close and stay above this price zone in its 4 -hour negotiation table, it would indicate that buyers are earning market control after a month of greater price loss.
From then on, the Altcoin must reach another price above $ 2.94 (marked in yellow), which would suggest a greater bullish impulse with a significant potential for new maximums such as $ 3.22. For the XRP market, each confirmed above these specified prices levels strengthens the current bundle impulse.
However, Egrag cryptography warns that the entire price movement below the current bull rally peak of $ 3.40 will remain simply “noise” in the long term. The analyst warns that XRP must break above this level of psychological prices to confirm a certain change in trend in the ascending direction.
GENERAL DESCRIPTION OF THE XRP MARKET
At the time of publication, XRP quotes $ 2.73 after an aggregate gain of 6.43% in the last 24 hours. The asset negotiation volume increases by 66.61%, indicating a high level of interest of market participants. In its 7 -day table, XRP has 13.78%profits, reducing its monthly loss to around 8.39%.
In the midst of its recent price setback, community feelings in the XRP market remain highly optimistic, especially with the progress of an ETF XRP potential. By recognizing the ETF application of the gray scale, the SEC is allowed an initial review period of 45 days, potentially extensible to 240 days, to approve or reject the proposed ETF.
With the implementation of the Donald Trump Pro-Crypto agenda, investors are very positive about an approval that suggests a possible influx of institutional capital as seen with the ETFs of Bitcoin Spot.
