XRP Price Teases Bullish Breakout as Grayscale Files for ETF
On January 29, Thursday, the XRP price jumped over 2% to reach a trading value of $3.12. This upswing is likely to be linked to a broader market uptick after the Federal Reserve’s steady interest rate policy and growing ETF buzz after Grayscale filled with the New York Stock Exchange (NYSE).
By the press time, the XRP coin maintained its market cap at $180.19 Billion, while the 24-hours trading volume is at $5.64 Billion.
Key Highlights:
- Grayscale has officially filed for a Spot XRP ETF with the New York Stock Exchange (NYSE), marking a significant expansion of cryptocurrency ETFs.
- A bull flag pattern drives the current correction in XRP price.
- The ripple crypto is less than 1% short from a bullish breakout of two weeks’ correction
Grayscale Files for Spot XRP ETF
Amid a recovery sentiment in the crypto market, the Grayscale investment has officially filled a spot in XRP ETF (Exchange-Traded Fund) with NYSE. This filing, confirmed through a recent submission to the U.S. Securities and Exchange Commission (SEC), marks a significant expansion of crypto ETF beyond Bitcoin and Ethereum.
Just a year ago, the Ripple (XRP) was entangled in a prolonged lawsuit against the U.S. SEC. However, as Donald Trump’s administration took over the white house and Mark Uyeda stepped up as a new SEC Chair, the regulatory framework could ease in the crypto market.
Thus, the potential approval will legitimize XRP as a regulated investment vehicle, attracting inConsolidationitiation investors who still hesitate from direct exposure to such assets.
XRP Price Poised For Flag Pattern Breakout
Over the past two weeks, the XRP price witnessed a high volatility consolidation around the $3 psychological level. While the long-wick candle in the daily chart shows uncertainty and no clear dominance from buyers or sellers, the 4-hour chart reveals the formation of a bull-flag pattern.
This chart setup is characterized by a long ascending trendline displaying the dominating trend and a temporary pullback within two trendlines to regain bullish momentum. Currently trading at $3.13, the XRP price teases a bullish breakout from the pattern’s key resistance trendline.
A successful flip of the overhead trendline into a potential support trendline will accelerate the buying pressure and drive a rally to $4 high.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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