The XRP (XRP) Price has increased by more than 15% since it was closed at $ 2.32 on February 6, up more than 15% following the defects of the crypto market. Most Altcoin struggled to set up a recovery, but XRP’s weekly charts were competition for optimistic prospects.
SEC is approved for Spot XRP ETF
The recent strong activity around XRP may be associated with ETF news, and the SEC recognizes another point ETF submitted by Coinshares through NASDAQ. This is the fourth point XRP ETF submitted by the GRAYSCALE, 21Shares and Bitwise, which was initially nodded by the SEC. The Commission also recognized ETF submissions on behalf of WisDomtree and Canary Capital, as reported by Cointelegraph.
The Brazil’s Securities Commission, Comsão de Valores Mobiliários has approved the first XRP ETF presented by the HashDex Nasdaq XRP Index Fund. However, SPOT ETF is not yet for transactions and will be released soon after HashDex announces more details.
Despite the positive catalyst, XRP futures traders are folded again. Earlier this month, COINTELEGRAPH reported that XRP Open Interest (OI) decreased by more than 78% last week after the price of XRP fell 26% during the first week of February.
XRP gift public interest chart. Source: COINGLASS
While the price has increased almost 20% since the wipeout, the XRP Future OI has increased only $ 600 million after nearly $ 4 billion in conceptual value. This means that relatively small amounts or trading activities control current price measures, which can be vulnerable to manipulation and volatility.
Related: Brazil approves XRP ETF’s first spot XRP ETF with XRPL’s local bank eyes.
Analysts predict the XRP “God Candle” for $ 6
As XRP showed better recovery than other major Altcoins, Polly, an anonymous crypto commentator, believed that market manufacturers were establishing encryption assets for the new highest high.
The encryption merchant pointed out that the SEC-Ripple lawsuit would take a break before the end of February. This will cause a “new candle” for assets, allowing XRP to reach $ 6 within the next 10 days. However, forecasts are based on important assumptions because the SEC or Ripple has not officially confirmed the case resolution.
The prediction of the XRP market analyst is obscene, but the current resistance of XRP remains a pivotal intersection between $ 2.50 to $ 2.80. Analysts explained that XRP’s mass weighted average price or VWAP continues to work as an overhead resistance of tokens with more than $ 2.80.
DOM’s XRP 6 -hour analysis. Source: x.com
Therefore, it is the first obstacle to XRP that cuts more than $ 2.80 and finishes a daily position, and must be the goal of $ 3.40 of the new history or current ATH.
Related: XRP price ‘Cup & Handle’ Hint Exchange Leakage 25% Gain Hint
This article does not include investment advice or recommendation. All investment and trading measures include risks, and the reader must do his own research when making a decision.