Author: Biraajmaan Tamuly, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
After the cryptocurrency market fell, the XRP price has risen by more than 15% since the closing price of $2.32 on February 6. While most altcoins have struggled to make a recovery, XRP's weekly chart has been praised for its bullish outlook.
XRP's recent bullish activity may be related to its ETF news. The SEC has confirmed that CoinShares has submitted another spot ETF filing through Nasdaq. This is the fourth spot XRP ETF filing that the SEC has preliminarily approved after Grayscale, 21Shares and Bitwise. As Cointelegraph reported, the commission also confirmed ETF filings on behalf of WisdomTree and Canary Capital.
The Brazilian Securities Commission, Comissão de Valores Mobiliários, has also approved the country’s first spot XRP ETF, launched by the Hashdex Nasdaq XRP Index Fund. However, the spot ETF has not yet started trading, with Hashdex announcing that more details will be released soon.
Despite the positive catalysts, XRP futures traders have yet to return. Earlier this month, it was reported that XRP open interest (OI) fell by more than 78% last week, following a 26% drop in XRP prices in the first week of February.
XRP futures open interest chart. Source: CoinGlass
While prices have risen nearly 20% since the crash, XRP futures OI has only risen by $600 million after losing nearly $4 billion in notional value. This means that relatively low trading volume or trading activity is controlling the current price trend, which may be susceptible to manipulation and volatility.
With XRP’s recovery outperforming other major altcoins, anonymous cryptocurrency commentator Polly believes that market makers are preparing for the crypto asset to hit new all-time highs.
The crypto trader noted that the SEC-Ripple lawsuit will be concluded by the end of February. This would trigger a “god candle” for the asset, allowing XRP to reach a high of $6 within the next 10 days.However, this prediction is based on a significant assumption, as neither the SEC nor Ripple have officially confirmed any case resolution.
While Polly’s prediction is somewhat off the mark, XRP market analyst Dom stressed that XRP’s current resistance range between $2.50 and $2.80 remains a critical node. The analyst explained that XRP’s all-time high volume-weighted average price (VWAP) continues to act as overhead resistance for the token, currently sitting just above $2.80.
Dom’s 6-hour analysis of XRP. Source: X.com
Thus, breaking above $2.80 and closing positions is the first hurdle currently facing XRP, after which XRP aims to either set new all-time highs or retest its current high of $3.40.
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