XRP Price Surges Amid ETF Developments And Market Speculation

According to Cointelegraph, XRP has experienced a significant price rally, increasing over 15% since closing at $2.32 on February 6, 2025. This surge comes amid a broader crypto market downturn, with XRP's weekly chart showing a promising bullish trend. The recent price movement is largely attributed to developments surrounding XRP's exchange-traded fund (ETF) filings. The U.S. Securities and Exchange Commission (SEC) has acknowledged another spot XRP ETF filing submitted by CoinShares via Nasdaq. This marks the fourth spot XRP ETF filing to receive initial approval from the SEC, following similar filings by Grayscale, 21Shares, and Bitwise. Additionally, the SEC has acknowledged ETF filings from WisdomTree and Canary Capital. In Brazil, the Comissão de Valores Mobiliários has approved the country's first spot XRP ETF, presented by the Hashdex Nasdaq XRP Index fund. However, this ETF is not yet available for trading, with further details expected soon. Despite these positive developments, XRP futures traders have not fully re-engaged. Cointelegraph reported a significant drop in XRP open interest (OI) by over 78% last week, following a 26% price decline in early February. Although XRP prices have rebounded nearly 20% since then, futures OI has only increased by $600 million after a substantial drop of nearly $4 billion in notional value. This suggests that current price movements are driven by relatively low trading volumes, making them vulnerable to manipulation and volatility. In the midst of these market dynamics, some analysts remain optimistic about XRP's potential. Polly, an anonymous crypto commentator, speculates that market makers are positioning XRP for a new all-time high. Polly predicts that the ongoing SEC-Ripple lawsuit will be resolved by the end of February, potentially triggering a significant price increase, or "god candle," pushing XRP to $6 within ten days. However, this prediction is speculative, as neither the SEC nor Ripple has confirmed any resolution. Dom, an XRP markets analyst, highlights the importance of XRP's current resistance range between $2.50 and $2.80. Dom notes that XRP's all-time high volume weighted average price (VWAP) serves as an overhead resistance, currently just above $2.80. Breaking through this level and closing a daily position is seen as a crucial step for XRP to target a new all-time high or retest its current peak at $3.40. This article does not provide investment advice or recommendations. Readers are encouraged to conduct their own research before making any investment or trading decisions.