The price of XRP is going through a tough period despite a very high chance of ETF approval reaching eighty-nine percent according to the Polymarket platform.
The currency is still moving in a narrow range and has failed to gain clear momentum over the past weeks despite the great enthusiasm among investors.
However, the current market conditions are not encouraging, and ongoing volatility has pressured the price and prevented any real progress.
Some see that there is indirect support from the Securities and Exchange Commission after the Grayscale fund, which includes XRP among a group of assets like Bitcoin, Ethereum, Cardano, and Solana, received approval to convert to an ETF.
This step is considered positive, but it is not a direct approval for an ETF specific to XRP, which has limited its impact on the price.
Initially, expectations regarding approval rose to a very high percentage but quickly fell to only seventeen percent due to increasing doubts and market fluctuations.
On the other hand, the behavior of investors in XRP does not help in building a clear upward trend, as Glassnode data shows that changes in net exchange positions quickly shift between positive and negative.
Buying periods are short and followed by quick selling, indicating a lack of confidence and stability, which directly affects price movement.
The price attempted several times to break the level of 2.32 but failed due to strong resistance in this range.
The fifty-day moving average has only turned into support on two occasions, which confirms the lack of sufficient momentum to start a real upward wave.
If selling pressure continues, the price may drop below 2.13 and possibly reach 2.52, completely nullifying the bullish hypothesis.
The near future for XRP remains uncertain and requires clear market stabilization and a return of confidence among investors before we witness a strong positive movement.