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What is driving the price of XRP today?

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Crypto Whales Abruptly Accumulate Ethereum-Based Altcoin Sending Volume to Highest
Crypto Whales Abruptly Accumulate Ethereum-Based Altcoin Sending Volume to Highest

The XRP currency (XRPAfter this week’s, the. market crashThe last 24 hour gains of 6% have brought the price to $2.24.

As the sentiment on the cryptocurrency market improves, the top ten altcoins trade 18% higher than the low price of $1.89.

Source: Cointelegraph/ XRP/USD chart daily Source: Cointelegraph/TradingView

Take a look at the drivers that are driving XRP today.

Franklin Templeton XRP ETF Filing

Franklin Templeton filed an XRP-based ETF with the United States Securities and Exchange Commission.

The key takeaways

  • Franklin Templeton, a Californian asset manager, announced on March 11 that it had sold its Californian assets. filed To launch an ICO, you must register with the US Securities and Exchange Commission. spot XRP ETF. 

  • Franklin Templeton has $1.5 trillion of assets managed.

  • This financial powerhouse joins an ever-growing list of giants in the industry. Bitwise, GrayscaleThen, WisdomTree In pursuing XRP based ETFs. 

  • The filing is a vote of confidence that XRP can be a viable investment option.

  • XRP’s price could reach double digits if there is a major inflow of capital. 

“Franklin Templeton has filed the 17th XRP ETF, which alone has $1.53 trillion USD under their asset management,” said Dark Defender, a pseudonymous XRP expert in X’s March 12th post.

“Just imagine when all are approved. Double digits for XRP will be as easy as a pie.”

The odds are against a US-based XRP ETF being approved In 2025, the Polymarket is now 76%.

Polymarket’s XRP ETF acceptance odds. Source: Polymarket

The approval of this proposal would enhance XRP’s credibility. could draw billions of dollars JP Morgan has estimated that there will be a 7% increase in the capital inflows. 

The Despite SEC delaying decisions on other XRP ETF applications, such as those from Grayscale and Canary Capital, until May 2025, Franklin Templeton’s entry—given its size and reputation—has boosted market confidence, contributing to XRP’s price rebound.

MVRV suggests the XRP bottom price is based on its MVRV value

Data from onchain provides a strong argument in favor of XRP’s recovery. 

The following are key points.

  • The ratio of Market Value to Realizable Value (MVRV), for example, indicates that XRP has likely bottomed out.

  • The MVRV is a ratio that compares the XRP market cap with the last value of the coins. It can be used to see if the asset was oversold.

  • Santiment data shows that XRP’s 30-day MVRV has plummeted to a record low of -16%. This is the lowest ratio since April 2024.

Source: Santiment Source: Santiment

  • This chart shows that it is in a zone usually associated with accumulation. It suggests the selling pressure may have subsided.

  • Historically speaking, XRP experiences a reversal every time the MVRV 30D drops below 10%.

The XRP Price is aiming for a V-shaped rise to $2.64

Since March 6, XRP has been forming a V pattern in the chart of the 4-hour chart.

  • When an asset’s price increases sharply after experiencing a steep drop, a V-shaped bullish pattern forms. 

  • XRP is on a similar path and trades now below a critical supply congested zone, between $2.30 to $2.45. This area contains all of the main simple moving averages.

  • Bulls need to push the price of XRP up to $2.64 in order to finish the V pattern.

  • If you complete the V-shaped recovery, the price will increase by 20%.

Source: Cointelegraph/ XRP/USD chart daily Source: Cointelegraph/TradingView

  • You can also find out more about the following: relative strength index The market has moved from oversold levels of 27 on 10 March to 44 on 1 March, indicating a bullish trend.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.