- Grayscale’s XRP ETF proposal could boost institutional and retail investor access.
- XRP faces key resistance at $3.12, with potential upside toward $3.20 if bullish.
- February 2025 projections estimate XRP’s price ranging between $3.01 and $3.30.
The cryptocurrency market continues evolving as financial institutions seek regulatory approval for digital asset-based investment products. Grayscale Investments has recently submitted a proposal to convert its XRP Trust into an exchange-traded fund (ETF) on the New York Stock Exchange.
If approved, this conversion could increase accessibility for institutional and retail investors while ensuring regulatory compliance. This transition could influence XRP’s market dynamics, leading to potential price shifts.
Key Support and Resistance Levels to Watch
As of press time, XRP is hovering around $3.10, making this an important immediate support level. If bearish pressure intensifies, the price could decline further toward the next critical support at $3.06. Additionally, $3.00 serves as a significant psychological level that could provide a strong foundation in case of further downward movement.
On the resistance side, XRP faces a crucial barrier at $3.12, which has seen multiple rejections in previous price movements. A breakout above this level could push the price toward $3.14, marking a recent high in XRP’s upward trajectory. If bullish momentum persists, the next potential resistance level is $3.20, which could further confirm an uptrend.
Analyzing XRP’s Trend and Market Sentiment
XRP’s price action suggests a period of consolidation, with oscillations between small gains and losses. The short-term trend remains neutral, with the possibility of a breakout in either direction.
Bearish indicators include a continuous decline from $3.12 to $3.09, indicating selling pressure. If the price fails to hold $3.08, further downside movement toward $3.06 may occur. On the other hand, some minor recoveries have been observed, signaling potential buyer reentry. If bullish momentum strengthens, XRP could retest resistance at $3.12.
Technical indicators provide additional insights into the market sentiment. The Relative Strength Index (RSI) currently hovers around 60.63, reflecting moderate bullish momentum. If RSI rises above 70, XRP could enter an overbought state, potentially leading to a correction.
Meanwhile, the MACD indicator shows weak bearish momentum, with narrowing histogram bars indicating reduced selling pressure. If the MACD line crosses above the signal line, bullish sentiment may strengthen.
February 2025 Forecast: What to Expect for XRP’s Price
Coincodex market projections suggest that XRP could experience a price increase of up to 1.67% by February 2025. Based on technical and fundamental factors, XRP’s average price for the month is expected to reach $3.15. Analysts predict price fluctuations between $3.01 and $3.30, with the potential for a 6.30% return from the current price.
