Since last weekend, the crypto market has witnessed a slight slowdown in recovery momentum as Bitcoin’s price struggled to break the $95,000 barrier. The overhead supply in BTC has interrupted buying pressure in most major altcoins, but not XRP. The Ripple cryptocurrency showed resilience and extended recovery above $2 as the U.S. Securities and Exchange Commission (SEC) approved ProShares Trust’s application to launch XRP ETF.
SEC Filing Triggers Optimism, But Launch Date Uncertainty Remains
Making headlines in XRP news, the U.S. SEC officially approved ProShares Trust’s application to launch a suite of XRP-focused exchange-traded funds (ETFs). According to a newly filed Form N-1A adoption, the public launch is on April 30, 2025.
The lineup will feature the ProShares UltraShort XRP ETF, ProShares Ultra XRP ETF, and ProShares Short XRP ETF.
While the crypto community is excited about the potential launch of the XRP ETF, Bloomberg ETF Analyst James Seyffart suggests that the situation may not be as clear-cut.
Seyffary highlights in his recent X post that while ProShares’ XRP-focused futures ETFs are indeed expected, no official launch date has been confirmed. Thus, the ETF will likely launch in the short or medium term, but not necessarily on the date currently circulated online.
Unlike spot ETFs, which require affirmative SEC approval, futures ETFs can become effective automatically after a waiting period — unless the SEC intervenes.
Thus, the potential launch could significantly boost XRP’s institutional adoption and increase natural demand for further rallies.
Price of XRP Poised to Breach 100-day Resistance
In the last three weeks, the price of XRP has significantly recovered from $1.61 to its current trading value of $2.31, registering a 42% surge. The bullish upswing bolstered buyers to breach key resistance of $1.94 and $2.24 while reclaiming daily exponential moving averages (20, 50, 100, and 200).
Amid the potential launch of XRP ETFs, this recent breakout signals an initiating change in the market dynamic. With sustained buying, the coin price is poised to surge 6.5% to challenge the resistance trendline of the bull-flag pattern.
Since mid-December 2024, the pattern’s two trendlines have driven a steady correction in this altcoin, bolstering the price to recuperate bullish momentum. A successful breakout drive accelerates the buying pressure and pushes a rally to $4.
However, if the sellers continue defending the overhead resistance, the coin price could mimic the reversal of a 45-47% fall and prolong the downfall.
Also Read: Bitcoin Eyes New High as ETF Inflows and Whale Accumulation Drive Rally
