XRP Prices Rebound 7% as Market Awaits Decision on Franklin Templeton's Proposed Spot XRP ETF
XRP has experienced a significant price rebound over the past 24 hours, climbing 7% to trade at $2.20 after finding support at $2.07. This resurgence follows a steep sell-off that saw the digital asset plummet to $2.07 during the 19:00-20:00 hour.
Background on XRP's Week-Long Price Action
XRP's week-long price action has been influenced by a mix of fundamental developments and market speculation. Ripple, the company behind XRP, recently received approval from Dubai regulators for its RLUSD stablecoin. This move underscores the company's ambition to integrate digital assets into cross-border payment systems. Meanwhile, the market is closely watching for a decision on Franklin Templeton's proposed spot XRP ETF, expected by June 17. Approval of this ETF could attract substantial institutional inflows, potentially transforming XRP's liquidity profile.
Ripple's Broader Strategy and XRP's Role
Ripple's broader strategy — bridging crypto and traditional finance — continues to define XRP's role as both a settlement asset and a risk-on hedge against traditional assets. This unique positioning has been at the center of XRP's price action, with the digital asset experiencing periods of volatility due to market speculation and uncertainty.
Technical Analysis Recap
XRP climbed from $2.07 to $2.20, a 7% gain. The most significant selling occurred between 19:00-20:00, with volume hitting 228.6 million units — nearly double the daily average. Resistance formed at $2.50-$2.60, with price struggling to sustain gains beyond these levels. Support established at $2.07-$2.10, with high-volume buying interest stabilizing the price action. Price action has formed a higher-low pattern with bullish momentum, though market caution persists.
Symmetrical Triangle Formation and Potential Breakout Scenarios
XRP remains technically within a symmetrical triangle formation, hinting at potential breakout scenarios if volume increases and resistance is breached. This technical formation suggests that XRP's price action may be poised for a significant shift in the near future, potentially driven by institutional inflows or other market catalysts.
Market Caution and Waiting Game
The market remains cautious, with traders eyeing the potential ETF decision as a catalyst for a sustained breakout. Until then, XRP's price action will likely continue to be influenced by market speculation and uncertainty. As the waiting game continues, investors and traders are advised to remain vigilant and monitor the situation closely.
Disclaimer
Portions of this article were generated with the assistance of AI tools and reviewed by CoinDesk's editorial team for accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.