Spot ETF Approval Odds Hit 80%, But Token Price Rises

For the last 2 months, XRP has been facing a sharp decline. But today is an exception. XRP’s price did not fall for the last 4 days by a stretch.  

The odds of XRP ETF approval have sharply increased. As more ledger tokens increase in value, investor confidence keeps coming back.  

Today, XRP marked its highest growth of 10.57%, with its price reaching $2.78 finally. The Havoc recovery over the 4 days helped the coin recover 50% from its monthly low.  

Things that happened before  

XRP Price Chart

Before the abrupt rise in price, an important market phenomenon happened. The SEC gave assured hints about spot approving a prime section of XRP ETFs this year.  

Polymarket, a forerunner in crypto market transactions, analyzed this change and suggested that the odds of ETF approval are now 80%. There are various market approvers and analysts.  

But Polymarket has an exceptionally high rate of accurately mapping passed events. The same was observed during the US election as well. The range of winning margin for Donald Trump was accurately forecast by them.  

Other coins waiting for ETF approval  

A lot of companies, including Grayscale, 21Shares, Bitwise, and others, applied for spot XRP ETFs. On that note, the SEC, under its new chairman, might be receptive to these continuous demands.  

The pro-crypto policy of Trump favors these demands. This policy includes the appointment of officials with detailed knowledge of Crypto trading in the main regulatory positions. For example, Brian Quintenz became the Commodity Features Trading Commission chairperson. He was initially working as an officer for crypto investments with different companies. 

The candlestick pattern on the technical analysis takes a hammer form with a longer lower shadow. This pattern is effective as it surely helps the coin in its recent process of recovery.  

The developers of XRP are also hopeful about the situation. According to them, the coin is gradually entering the overshoot zone, which shows a significantly higher than normal resistance level for any coin.  

At the same time, the coin may be favored by a Wyckoff phase, which means there will be a markdown stage, which will be characterized by price decline as holders start selling. To return user confidence, the coin must end the year over $3.40 (the ending last year).