Crypto News Today: Why Is XRP Price Up Today? ETF Filing and Legal Resolution Fuel Rally

Key Takeaways:Franklin Templeton filed for a spot XRP ETF, boosting investor confidence.Market Value to Realized Value (MVRV) data suggests XRP may have bottomed out.Ripple’s SEC lawsuit is reportedly nearing resolution, adding to bullish sentiment.XRP price is forming a V-shaped recovery, with a potential 20% upside to $2.64.Franklin Templeton’s XRP ETF Filing Drives Bullish SentimentOne of the biggest catalysts behind today’s XRP price surge is Franklin Templeton’s filing for a spot XRP ETF in the U.S. on March 11.Why This Matters:Franklin Templeton manages $1.5 trillion in assets, adding credibility to XRP’s investment potential.Other major firms like Bitwise, Grayscale, and WisdomTree have also filed for XRP-based ETFs.If approved, an XRP ETF could bring billions in institutional investment into the asset.Despite the SEC delaying XRP ETF applications from Grayscale and Canary Capital until May 2025, Franklin Templeton’s entry has increased approval odds to 76% on Polymarket, fueling optimism.  Onchain Data Suggests XRP Has BottomedBeyond the ETF hype, onchain data indicates a strong technical foundation for XRP’s price recovery.XRP’s 30-day MVRV ratio dropped to -16%, the lowest since April 2024.Historically, XRP rebounds when MVRV drops below -10%, signaling a likely accumulation phase.XRP’s V-Shaped Recovery Aims for $2.64XRP’s price action is forming a V-shaped recovery pattern on the four-hour chart, indicating a bullish reversal.Key resistance zone: $2.30–$2.45 (where major SMAs sit).Breakout target: $2.64 (a 20% upside from the current price).Relative Strength Index (RSI) has risen from oversold levels, confirming bullish momentum.Ripple vs. SEC Lawsuit Nears ResolutionAdding to the bullish momentum, a Fox Business report revealed that Ripple’s legal battle with the SEC could soon conclude.Ripple is negotiating aspects of the 2023 court ruling, which fined it $125 million for institutional XRP sales but dismissed a $2 billion penalty sought by the SEC.SEC’s new leadership is reportedly scaling back crypto enforcement actions, which could benefit Ripple.XRP Price OutlookWith a potential ETF approval, legal clarity, and onchain metrics signaling a price bottom, XRP is poised for further gains.Short-term resistance: $2.30–$2.45Breakout target: $2.64Long-term outlook: If ETFs are approved, analysts predict double-digit XRP prices in 2025.XRP’s price recovery today reflects a combination of institutional interest, legal optimism, and technical support, setting the stage for further upside.