Why is XRP price up today?
13 March 2025 - 1:18AM
Cointelegraph
XRP (XRP) pared some losses
following this week’s market crash,
with 6% daily gains over the last 24 hours to trade at $2.24.
The top-ten altcoin trades 18% above the 24-hour low of $1.89 as
the crypto market sentiment recovers slightly.
XRP/USD daily chart. Source:
Cointelegraph/TradingView
Let’s examine the key drivers behind XRP’s rebound today.
Franklin Templeton’s XRP ETF filing
One of the primary catalysts behind today’s XRP price surge is
Franklin Templeton’s filing of an XRP ETF in the United States.
Key takeaways:
-
On March 11, California-based asset manager Franklin Templeton
filed an S-1
registration form with the US Securities and Exchange Commission
(SEC) to launch a spot XRP
ETF.
-
Franklin Templeton is a major global asset manager with $1.5
trillion in assets under management.
-
It joins a growing list of financial giants like
Bitwise,
Grayscale,
and WisdomTree in
pursuing XRP-based ETFs.
-
This filing signals a strong vote of confidence in XRP’s
potential as a mainstream investment vehicle.
-
The news has fueled speculation of major capital inflows that
could push XRP price into double digits.
“Franklin Templeton has filed the 17th XRP ETF, which alone has
$1.53 trillion USD under their asset management,”
said pseudonymous XRP
analyst Dark Defender in a March 12 post on X.
“Just imagine when all are approved. Double digits for
XRP will be as easy as a pie.”
Meanwhile, the odds of a US spot XRP ETF
being
approved in 2025 are now at 76% on Polymarket.
XRP ETF approval odds on Polymarket. Source:
Polymarket
If approved, it would boost XRP’s credibility and
could draw
billions of dollars in capital inflows, according to JP
Morgan.
Despite the SEC delaying
decisions on other XRP ETF applications, such as those from
Grayscale and Canary Capital, until May 2025, Franklin Templeton’s
entry—given its size and reputation—has boosted market confidence,
contributing to XRP’s price rebound.
MVRV metric suggests XRP price bottom
Beyond external catalysts, onchain data provides a compelling
case for XRP’s price recovery.
Key points:
-
Metrics like the Market Value to Realized Value (MVRV) ratio
indicate that XRP may have bottomed.
-
The MVRV ratio compares XRP’s market cap to the value of coins
at their last transaction, offering insight into whether the asset
is overbought or oversold.
-
Data from Santiment shows XRP’s 30-day MVRV ratio has plunged to
a low of -16%, the lowest since April 2024.
XRP 30-day MVRV. Source: Santiment
-
The chart above shows it inside a zone typically associated with
accumulation, suggesting that selling pressure has subsided.
-
Historically, XRP usually experiences a reversal whenever the
30D MVRV declines below 10%.
XRP price eyes V-shaped recovery to $2.64
XRP’s price action has been nurturing a V-shaped recovery chart
pattern on the four-hour chart since March 6, as shown below.
-
A V-shaped recovery is a bullish pattern formed when an asset
experiences a sharp price increase after a steep decline.
-
XRP appears to be on a similar trajectory and now trades below a
key supply congestion zone between $2.30 and $2.45, where all the
major simple moving averages (SMAs) are currently sitting.
-
The bulls must now push XRP above this area to increase the
chances of the price rising to the neckline at $2.64 to complete
the V-pattern.
-
Completing the V-shaped recovery would result in 20% gains from
the current price.
XRP/USD daily chart. Source:
Cointelegraph/TradingView
This article does not
contain investment advice or recommendations. Every investment and
trading move involves risk, and readers should conduct their own
research when making a decision.
...
Continue reading Why is XRP price up today?
The post
Why is XRP price up today? appeared first on
CoinTelegraph.
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Feb 2025 to Mar 2025
Dogecoin (COIN:DOGEUSD)
Historical Stock Chart
From Mar 2024 to Mar 2025
