- XRP is holding strong above $2.20 as optimism for a spot ETF approval pushes investor confidence to new highs.
- A breakout above trendline resistance could send prices toward $3.00, but traders should watch for potential resistance at $2.50 and $2.80.
Ripple’s XRP is making headlines again as investor confidence surges on the back of growing optimism for a spot Exchange-Traded Fund (ETF) approval. The digital asset is currently trading at $2.22, finding solid support at $2.20 — a level reinforced by both the 50- and 100-day Exponential Moving Averages (EMA). As the broader crypto market eyes the regulatory landscape, XRP appears ready to break past its descending trendline resistance and push toward the $3.00 mark.
The spark behind this renewed momentum is a dramatic shift in the outlook for an XRP spot ETF. In just two months, approval odds have jumped from 65% to a staggering 85%, largely due to the appointment of Paul Atkins as the new SEC Chair. Betting platforms like Polymarket reflect this surge in sentiment, showing a 79% chance of approval by year-end.
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Technical indicators also support the bullish narrative. The MACD issued a buy signal in mid-April, and its continued movement above the center line suggests increasing bullish momentum. If XRP can clear its multi-month descending trendline, the price could accelerate toward $2.50, $2.80, and possibly the psychological $3.00 level.
However, potential hurdles remain. The SuperTrend indicator recently flashed a sell signal, and trader discussions around XRP have declined compared to other leading cryptocurrencies. This waning social dominance could weigh on upward momentum.
Additionally, should the $2.20 support fail, the next safety net lies at the 200-day EMA at $1.99. Below that, XRP could face a sharp drop toward $1.61, last seen in early April.
With ETF speculation heating up and price action tightening near critical resistance, XRP is at a pivotal point. A confirmed breakout could usher in a new bullish wave, while failure to hold support may trigger a volatile correction.
