Why XRP Is Going Up Today: How Bitcoin’s Rally and ETF Speculation Sparked the Surge
The post Why XRP Is Going Up Today: How Bitcoin’s Rally and ETF Speculation Sparked the Surge appeared first on Coinpedia Fintech News
The cryptocurrency market, led by Bitcoin (BTC) and Ripple Labs’ XRP, experienced a mild recovery in the past 24 hours after a heavy capitulation earlier this week. In the past 24 hours, Bitcoin price gained around 2 percent to trade at about $81.6k on Wednesday, March 12, during the early Asian session.
As a result, the fear of further crypto capitulation gradually declined as shown by Bitcoin’s fear and greed index, which jumped to 34 percent from 20 percent in the past 24 hours.
XRP Price Update
After teasing below a crucial support range between $2 and $1.9 on Tuesday, XRP price rebounded more than 10 percent in the last 24 hours to trade about $2.15 at the time of this writing. The large-cap altcoin, with a fully diluted valuation of about $215 billion and a 24-hour average trading volume of about $6.9 billion, retested its falling logarithmic trend.
From a technical analysis standpoint, XRP price is on the cusp of a major bullish breakout if Bitcoin price regains a macro rising momentum beyond $100k. Moreover, the XRP price has been retesting the lower border of a multi-week horizontal consolidation coupled with a rising divergence of a daily Relative Strength Index (RSI).
Major Forces Behind Today’s Pump?
The top reason why XRP price recorded more gains among the large-cap altcoins is due to the rising demand from institutional investors. On Tuesday, Franklin Templeton, a renowned fund manager with over $1 trillion in assets under management, filed with the U.S. SEC for a spot XRP ETF.
As a result, Franklin Templeton joined other top fund managers – led by Bitwise Management, Canary Capital, 21Shares, WisdomTree, and Grayscale Management – seeking to offer spot XRP ETF. Meanwhile, the U.S. SEC delayed its decision on Grayscale’s application for spot XRP ETF on Tuesday.Consequently, the odds of a spot XRP ETF approval in the United States by the end of this year surged by 3 percent in the past 24 hours to about 73 percent on Polymarket.
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