cryptonewsz.com
On January 29, Thursday, the $XRP price jumped over 2% to reach a trading value of $3.12. This upswing is likely to be linked to a broader market uptick after the Federal Reserve’s steady interest rate policy and growing ETF buzz after Grayscale filled with the New York Stock Exchange (NYSE).
By the press time, the $XRP coin maintained its market cap at $180.19 Billion, while the 24-hours trading volume is at $5.64 Billion.
Key Highlights:
- Grayscale has officially filed for a Spot $XRP ETF with the New York Stock Exchange (NYSE), marking a significant expansion of cryptocurrency ETFs.
- A bull flag pattern drives the current correction in $XRP price.
- The ripple crypto is less than 1% short from a bullish breakout of two weeks’ correction
Grayscale Files for Spot $XRP ETF
Amid a recovery sentiment in the crypto market, the Grayscale investment has officially filled a spot in $XRP ETF (Exchange-Traded Fund) with NYSE. This filing, confirmed through a recent submission to the U.S. Securities and Exchange Commission (SEC), marks a significant expansion of crypto ETF beyond Bitcoin and Ethereum.
Just a year ago, the Ripple ($XRP) was entangled in a prolonged lawsuit against the U.S. SEC. However, as Donald Trump’s administration took over the white house and Mark Uyeda stepped up as a new SEC Chair, the regulatory framework could ease in the crypto market.
Thus, the potential approval will legitimize $XRP as a regulated investment vehicle, attracting inConsolidationitiation investors who still hesitate from direct exposure to such assets.
$XRP Price Poised For Flag Pattern Breakout
Over the past two weeks, the $XRP price witnessed a high volatility consolidation around the $3 psychological level. While the long-wick candle in the daily chart shows uncertainty and no clear dominance from buyers or sellers, the 4-hour chart reveals the formation of a bull-flag pattern.
This chart setup is characterized by a long ascending trendline displaying the dominating trend and a temporary pullback within two trendlines to regain bullish momentum. Currently trading at $3.13, the $XRP price teases a bullish breakout from the pattern’s key resistance trendline.
A successful flip of the overhead trendline into a potential support trendline will accelerate the buying pressure and drive a rally to $4 high.