XRP Rally Gains Momentum Amid Rising ETF Approval Chances
XRP surged by 2.5% on September 2, sparking optimism after recent market dips. This uptick might signal more gains as the likelihood of a spot ETF approval rises.
The securities and Exchange Commission (SEC) set October deadlines for pending XRP ETFs. The Grayscale XRP ETF has an October 18 deadline, while the Canary ETF’s deadline is October 24. Delays in previous decisions suggest a simultaneous approval might occur this month.
A Polymarket poll indicates ETF approval odds have soared to 87%,up from 64% in August. Participants now expect an approval by year-end. Such an event could boost XRP’s value due to strong demand for XRP-linked assets.
For instance, the newly launched CME Futures amassed over $1 billion in open interest quickly. Other XRP ETFs by Teucrium and ProShares also saw meaningful asset inflows. The success of Bitcoin and Ethereum ETFs further underscores investor appetite.
- SEC deadlines approaching in October
- Polymarket odds of approval increased to 87%
- High demand for XRP-related assets like CME Futures
On the technical front, XRP shifted from $3.6654 in July to $2.80. Despite this decline, a falling wedge pattern offers a bullish outlook. The Murrey Math Lines show a pivotal reversal point, where bullish trends frequently enough start. With the price resting on the 100-day moving average,XRP could aim for $4.2, and possibly soar toward $5.
