XRP Price Remains Firmly Supported at $2.20, While Trading at $2.22

The XRP community is growing increasingly confident in its holdings amid renewed optimism for the approval of spot XRP Exchange Traded Funds (ETFs)

The price of Ripple’s token, XRP, remains firmly supported at $2.20, as it trades at $2.22 at the time of writing on Friday. The XRP community is growing increasingly confident in its holdings amid renewed optimism for the approval of spot XRP Exchange Traded Funds (ETFs) following the change in leadership at the Securities and AND Exchange Commission (SEC). If XRP confirms a break above a four-month descending trendline in the daily time frame, gains could accelerate towards $3.00.

The change of leadership at the SEC, with Paul Atkins as the Chair of the regulatory agency, has seen the chances of an XRP spot ETF approval jump to 85% from 65% in just two months. According to Santiment, “traders are now predicting new all-time highs for XRP, and betting platforms like Polymarket reflect this shift, with 79% odds of approval by the year’s end.”

Spot XRP ETF approval odds | Source: Polymarket

The prospects of a spot XRP ETF approval have remained steady despite the SEC postponing its decision on Franklin Templeton’s spot ETF proposal until June 17. The approval of the spot ETF could significantly alter investment dynamics surrounding XRP, potentially attracting substantial institutional interest and propelling the token into the mainstream financial sector.

As the XVG token price hovers around $0.01, traders are keeping a close eye on a crucial level of support that could determine the next direction of the cryptocurrency.

After a decline of over 60% from its recent highs of $0.03, XVG has experienced a strong rebound, increasing by 100% over the past month. This rally was fueled by the news of the upcoming XVG chain upgrade, which is set to introduce new features and potentially enhance the token’s value.

However, despite this optimism, the XVG price remains below a critical Fib level of 0.008, which could be a deciding factor for the continuation of the uptrend.

If the bulls manage to push the price above this Fib, it could open the door for further gains towards the next resistance zone at 0.012. At this level, traders might encounter selling pressure from those who entered at lower prices, potentially slowing down the rally.

Alternatively, if the bears manage to break through the support at 0.005, it could lead to a steeper downturn, potentially pushing the price towards the Fib level of 0.003. At this point, traders might observe a stronger influx of buyers due to the lower prices, which could contribute to a countertrend rally.

The technical analysis indicates that the MACD line is about to cross above the signal line in the lower time frames, which could be a bullish signal. Moreover, the Stochastic indicator is approaching the overbought territory, which suggests that the buying pressure is increasing.

As the XVG price approaches the Fib level of 0.008, traders will be keenly watching to see if the bulls can overcome this resistance and propel the token towards its next target.