On Monday, XRP rose as traders analyzed the SEC's approval of the XRP futures ETFs from ProShares, set to launch later this week.
Bitcoin surpassed $95,000 amid the return of the cryptocurrency market.
Ripple's CEO Monica Long announced the end of initial public offering rumors.
XRP rose more than 3% on Monday, holding around $2.33. The SEC's approval of XRP futures ETFs and positive expectations from technical analysis indicators amid the recovery of the cryptocurrency market may have triggered this increase.
XRP holders were anticipating Ripple's IPO announcement in 2025. On Thursday, Ripple's CEO Monica Long stated that the payment transfer service had 'billions of dollars in cash' and was financially stable.
The SEC has approved ProShares' future ETFs, and traders expect approval for spot ETFs.
The launch of several XRP futures ETFs from ProShares was approved by the SEC on Wednesday. The approval process for spot ETFs in the U.S. may take longer than expected. According to an official press release, the first XRP spot ETF appeared on Brazil's largest stock exchange B3 on Friday.
The U.S. Securities and Exchange Commission has approved UltraShort, Ultra, and Short XRP exchange-traded funds, which provide enhanced and inverse exposure to XRP futures prices.
Ripple has billions of dollars in cash, and there are no plans for an initial public offering.
In an interview with CNBC, CEO Monica Long stated that Ripple is financially strong and does not intend to go public in 2025.
Ripple can achieve its goals in 2025 without external funding. CEO Brad Garlinghouse suggested that IPO plans are likely to advance once the legal battle with the SEC is resolved.
XRP price forecast: Technical analysis indicators favor an 8% increase.
On Monday, XRP remains around $2.33 after recent increases.
The daily XRP/USDT price chart indicates that the price may rise by 8% and test $2.51, which is a 50% Fibonacci retracement from the drop from the peak of $3.40 to the low of $1.62. If a daily candle closes above $2.51, XRP may test resistance at $2.72 and $2.72, which are the 61.8% Fibonacci retracement and daily fair value gap (FVG) limits.