XRP seemed to be about to break his all-time high (ATH). The Digital Mint approached the peak of $ 3.40, which has lasted since January 2018, just one cent away. Just when a breakthrough seemed within reach, the sentiment turned abruptly. The race made a sharp decrease and even briefly dived below the $ 2 border.
Yet, according to the well -known analyst Egrag Crypto, there is no reason to panic. He emphasizes that the upward trend remains intact, as long as XRP remains above some crucial support levels. His analysis soon turned out to be relevant: today, XRP recovered vigorously and again recorded a significant increase.
Strong recovery after ratedip
At the time of writing, XRP is at $ 2.75, which amounts to an impressive increase of 12.2% in the last 24 hours. This rapid recovery feeds the hope among investors on a definitive bullish breakthrough.
XRP ETF is getting closer
Today’s rise is largely due to optimism around a possible XRP Spot-ETF. The SEC has officially recognized Grayscale’s application for an XRP ETF, a crucial step in the approval process. According to analysts, the chance is now more than 65% that the ETF will actually be approved.
This news caused a wave of purchasing pressure, since an approved ETF could considerably increase the institutional demand for XRP. Investors see this as an important catalyst that can possibly push the coin to a new all-time high.
Crucial price levels for XRP
According to Egrag Crypto, there are some important price levels where XRP must stay above to retain the upward trend. Important support levels are at $ 2.21, $ 2.00, $ 1.80, $ 1.74 and $ 1.60. As long as XRP remains above these points, the Bullish Trend remains intact.
To start a new rally, the coin must break some crucial resistors. The most important thresholds are at $ 2.75, $ 2.94, $ 3.22 and $ 3.40. According to Egrag, there is only a real trend change if XRP moves outside the zone between $ 2 and $ 3.40. “Everything within this range is simply noise in the market,” said the analyst.
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Source: https://newsbit.nl/xrp-klaar-voor-340-groot-nieuws-over-etf-aanvraag-doet-koers-exploderen/
