XRP Nears $2.75 Target After Bullish Close and New ETF Approval

• XRP is gaining strong momentum, aiming for $2.75 after bullish signals on the daily and weekly charts.
• Franklin Templeton’s XRP ETF receives NYSE Arca approval and SEC certification, boosting market optimism significantly.
• XRP/BTC shows early strength; bullish weekly candle indicates potential hammer reversal pattern may soon form.

XRP is gaining upward momentum as bullish signals appear in both the daily and weekly charts. A potential rally could form if the price holds key support levels and breaks through major resistance. Optimism has increased after NYSE Arca approved Franklin Templeton’s XRP ETF, which is now formally certified by the SEC.

XRP Shows Early Bullish Signals

Popular crypto analyst CRYPTOWZRD noted the XRP closing strongly in the day’s trading session as had been predicted before. The analyst believed the markets at the moment showed a clear trend of increasing the possibility of seeing more increases rather than declines. The XRP/BTC pair also showed early market signals of strength, due to which a market push can be expected.

CRYPTOWZRD reported that he has been closely observing the intraday chart to identify his next trade setup. He has short-term faith in XRP.

At the time of writing, XRP is trading at $2.05, supported by a 24-hour trading volume of $6.18 billion and a market cap of $124.15 billion. The price has inched up by 1.21% over the last 24 hours, signaling a steady recovery phase.

Source: CoinMarketCap

XRP/BTC Trend Hints Strong Rally

The analyst observed that XRP and XRP/BTC were both bullish in the daily chart. Additionally, the XRP weekly candle closed with a large lower wick, which showed that buyers entered the market aggressively at the end of the trading week.

If XRP makes another bullish weekly candle from this region, the reversal pattern might develop into a hammer pattern, a classical reversal indicator. However, the XRP/BTC pair remains uncertain from the perspective of the weekly timeframe because the price development has to be clarified.

A break above the Lower High trend line in the daily XRP/BTC chart may cause a stronger rally, according to CRYPTOWZRD. This might soon push XRP to the $2.75 level of resistance. Currently, this trader has concentrated his interest in shorter time frames where new trading opportunities arise.

XRP Intraday Holds Key Support

The intraday chart showed significant volatility, and the analyst expects the same to continue. The support above the level of 2.0800 is considered a positive development and a possible point for buying. However, the next level of resistance at 2.2770 might be difficult to achieve without some form of consolidation first.

As long as XRP remains above the support level of $2.0800, the outlook will remain positive. A slight break below this level, but a quick reversal can provide an even better long entry. According to CRYPTOWZRD, one should wait for the development of a mature market pattern before making moves because patience can be rewarded.

Also Read | XRP Nears $1.65 Macro Support As Market Eyes Bitcoin Alignment

XRP ETF Receives SEC Approval

To add to this positive sentiment, another development reported by STEPPH IS CRYPTO was that NYSE Arca has actually approved the listing of the XRP ETF from Franklin Templeton, and this filing has been officially certified by the SEC.

This has been one of the most exciting developments involving XRP in recent months because approval of an ETF has the ability to attract increased institutional interest.

Also Read | Grayscale Launches Dogecoin and XRP ETFs on NYSE November 24