by Aima Raza
The value of XRP surged recently as it recovered from $1.8890 to cross the $2.30 level. Stock market risers like the U.S. major indices followed the cryptocurrency market trends during Friday last.
The XRP price increase happens because investors expect that the SEC will authorize a spot exchange-traded fund for the token. The SEC approval chances now stand at 76% according to Polymarket data which makes investors more excited. When the SEC permits an XRP ETF investors from Wall Street capital will join the Ripple market with more buying.
XRP Eyes SEC Decision
People expect that the SEC will withdraw its lawsuit against Ripple Labs based on current market data. If the SEC agrees with Ripple it will help the company partner with more banks and financial institutions which would put it ahead of SWIFT that handles around $150 trillion annual transactions.
Whales buying XRP led directly to its increased value. Monetary whales keep purchasing XRP tokens since one large investor paid $24.2 million to get 10.3 million tokens from Bitfinex on Monday. High-net-worth investors show increased market faith by buying large amounts of whales.
BREAKING
A WHALE BOUGHT 10,334,338.655 $XRP FROM BITFINEX WORTH $24.2 MILLION
ARE YOU PAYING ATTENTION
pic.twitter.com/INW8cnUIAO
— 𝕏aif
|
(@Xaif_Crypto) March 17, 2025
XRPs price jump started when traders defended their stop-loss position at $1.9447. The $1.9447 mark acted as solid protection for XRP in past months since December. The exception happened on February 3 when the token dipped shortly before bouncing back for validation.
XRP Faces Key Resistance
The $1.9447 stands as the main part of a head-and-shoulders pattern that formed during November. The head of this pattern shows a price of $3.40 while the left and right shoulders stay at $3.00. XRP falls significantly when it passes through $1.9445 and hits the 200-day moving average line. Such an event can send prices toward $1.00.
To keep pushing XRP’s price higher buyers need to overcome the resistance at $3.00 from the right shoulder. Once the right shoulder resistance at $3.00 breaks the pattern would become invalid making $3.40 this year’s highest price target possible. Rising above $3.00 resistance would start a path toward $5.00.
The next steps for XRP depend on market optimism and the success of regulatory changes along with buying from whales and institutions. Market participants need to monitor SEC decisions and ETF approval status because these factors impact XRP market success.
#blockchain #crypto, #decentralized, #distributed, #ledger
This news is republished from another source. You can check the original article here
