The cryptocurrency market has seen a slight recovery over the past 24 hours, with the number $XRP topping the list! $BTC . After a sharp sell-off earlier this week, Bitcoin rose nearly 2%, reaching around $81,600 on Wednesday, March 12. But the real excitement comes from XRP...
◆ XRP's Strong Rebound! XRP has surged more than 10% in just 24 hours, trading at around $2.15 after falling below $2 on Tuesday. This strong rebound indicates potential upward momentum ahead. XRP's market cap is around $215 billion, with a massive 24-hour trading volume of $6.9 billion.
• Institutional demand drives XRP's rally. This surge is partly attributed to growing institutional interest. On Tuesday, Franklin Templeton filed with the U.S. Securities and Exchange Commission (SEC) for an XRP spot exchange-traded fund, joining major players like #Grayscale , Bitwise, and WisdomTree# in the approval race. This move is crucial for XRP's future.
Technical Outlook: Is XRP About to Breakout? XRP is testing the lower bound of a consolidation pattern that has been in place for several weeks. With the daily RSI showing increasing divergence, upward pressure appears to be building. If it regains momentum and surpasses $100,000, XRP could see a major breakout!
SEC Approves XRP Spot ETF: Despite the SEC's postponement of Grayscale's application for a spot XRP ETF, the odds of approval have risen to 73%. Approval could further boost the market.
The most important question: Will Bitcoin maintain its momentum? If so, XRP and other altcoins could see significant gains.
