XRP’s price jumped 4% to $2.20 following Franklin Templeton’s filing for a spot XRP ETF with the SEC, highlighting significant institutional interest in the altcoin.
By Bhushan Akolkar
Edited by Victoria Ronina
Updated
3 mins read
Despite the broader crypto market consolidation, Ripple’s XRP $2.43 24h volatility: 6.1% Market cap: $141.08 B Vol. 24h: $3.70 B price has increased by 4%. It moved past $2.20 in a healthy bounce back for the Ripple cryptocurrency. The recent pump could be attributed to the $1.5 trillion asset manager Franklin Templeton filing for a spot XRP ETF with the U.S. Securities and Exchange Commission (SEC).
Following a drop under its crucial support of $2 earlier this week, XRP price staged a good 10% recovery, building optimism among investors. However, investors must be cautious as today’s price pump comes with a 27% drop in daily trading volumes to $6.9 billion.
However, crypto market analyst Rose Premium Signals believes the Ripple cryptocurrency could soon stage a breakout from the descending channel pattern. The analyst further stated that XRP is still in the accumulation phase and could rally to $3 and beyond.
“A bounce from the current support at $2.12 could drive price toward targets at $2.32, $2.61, $2.90, and $3.35,” noted the analyst.
$XRP#Ripple has formed a descending channel pattern on the daily timeframe after consolidating between $2.00-$3.00💁♂️
This continuation pattern suggests accumulation before the next leg up🔍
A bounce from the current support at $2.12 could drive price toward targets at $2.32,… pic.twitter.com/Ed7Gt65ckF
— Rose Premium Signals 🌹 (@VipRoseTr) March 10, 2025
Moving ahead, key developments taking place in the XRP ETF approval process and the settlement of Ripple lawsuit could drive further price action.
Amid all the regulatory developments and institutional interest growing into XRP, $1.5 trillion asset manager Franklin Templeton filed for a spot XRP ETF on Monday. According to the filing with the SEC, Coinbase Custody Trust Company will serve as the custodian for the fund’s XRP holdings, ensuring secure storage of the digital assets. This development sent the XRP price soaring on March 11.
Interestingly, this development came when the SEC delayed its decision for the XRP ETF filings from Grayscale and Canary Capital. In addition, the regulator also delayed ETF applications for other altcoins like Solana SOL $134.9 24h volatility: 8.1% Market cap: $68.74 B Vol. 24h: $3.65 B , Litecoin LTC $92.16 24h volatility: 3.2% Market cap: $6.97 B Vol. 24h: $454.66 M , and Dogecoin DOGE $0.17 24h volatility: 2.4% Market cap: $25.76 B Vol. 24h: $1.01 B .
Speaking on the development, Bloomberg ETF analyst James Seyffart said: “Yes, the SEC just pushed back a group of altcoin ETF filings, including those for Litecoin, Solana, XRP, and DOGE. This is standard procedure, especially since Atkins has yet to be confirmed.”
Currently, SEC Commissioner Mark Uyeda is the chair of the regulatory agency. However, the chances of Paul Atkins becoming the permanent chair of the agency are high, with the hope that he could bring a major transformation from the previous administration of Gary Gensler.
A significant development in the SEC vs. Ripple lawsuit could serve as a major catalyst for XRP’s price movement in April 2025. Attorney Fred Rispoli has suggested that the case might reach a resolution before April 16, 2025.
Rispoli previously stated that the newly pro-crypto SEC might be waiting for Paul Atkins to assume the role of Chair before deciding to drop the lawsuit. This potential shift could provide clarity and optimism for XRP investors and the broader crypto market.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
