Ripple’s XRP experienced a 6% surge, surpassing the $2.70 mark during the early Asian session on Thursday, following the Securities and Exchange Commission’s (SEC) prompt acknowledgment of several XRP ETF filings. Among the filings, Nasdaq and Cboe BZX exchanges, on behalf of CoinShares, Canary Capital, and WisdomTree, have gained the SEC’s attention, further fueling bullish sentiment. Meanwhile, asset manager Hashdex has obtained approval from Brazil’s equivalent of the SEC to launch the world’s first spot XRP ETF, positioning Brazil ahead of the US in this regard.
SEC Moves Toward Reviewing XRP ETF Filings
The SEC is currently requesting public comments on the ETF filings, with a 21-day window to gather feedback, and a 240-day period to make a final decision on whether to approve or reject them. This move follows similar filings by Grayscale and Bitwise in recent days. However, the SEC’s ongoing legal battle with Ripple could influence its decision-making process on the approval of these XRP ETFs.
The SEC’s case against Ripple remains a critical factor, as the agency’s stance on this case may impact future regulatory decisions. Since the SEC paused multiple litigation cases under the previous administration, there has been anticipation that a similar pause could occur in Ripple’s case. The acting SEC Chair, Mark Uyeda, has yet to comment on the ongoing appeal against Judge Analisa Torres’s decision, with the next court deadline for Ripple scheduled for April 16. Sources suggest that the SEC is prioritizing cases with urgent court deadlines, which could explain the delay.
Global XRP ETF Developments Spark Investor Optimism
In addition to the SEC filings, the approval of Hashdex’s spot XRP ETF by Brazil’s SEC is generating global interest. As one of the first in the market, Hashdex’s ETF is expected to attract significant attention from XRP investors, potentially giving the token a competitive edge over its US counterparts. XRP investment products have already begun trading in other countries, adding to the growing demand for XRP exposure.
These developments are likely to renew investor confidence in XRP, especially as the token aims to recover from the February 3 market downturn.
XRP Technical Outlook: Path to $3.40
XRP has seen significant volatility, with $8.10 million in futures liquidations over the past 24 hours. Despite this, XRP has managed to bounce off the lower boundary of a symmetrical triangle and is currently testing resistance at $2.72, bolstered by the 50-day Simple Moving Average (SMA). A breakout above this level, accompanied by high volume, could see XRP rally toward its seven-year high of $3.40.
On the other hand, if XRP faces rejection at $2.72, it may return to test the lower boundary of the triangle at $2.55. Key technical indicators, including the Relative Strength Index (RSI), Stochastic Oscillator (Stoch), and Moving Average Convergence Divergence (MACD), all point to strong bullish momentum, reinforcing the possibility of further upward movement.
A failure to hold the $2.55 support level could invalidate the bullish outlook, with the next support zone emerging at $1.96. Conversely, a sustained breakout above $2.72 could trigger a major rally, pushing XRP toward new highs.
In summary, XRP’s outlook appears bullish as market participants anticipate the SEC’s decision on ETF filings and closely monitor the token’s technical structure. A move above the $2.72 resistance could signal a rally toward $3.40, while any rejection could see a return to lower support levels.
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