Ripple (XRP) rose more than 3% on Monday, hovering around $2.33 at the time of writing. Key market factors, such as the approval of exchange-traded funds (ETFs) for Ripple futures and positive signals from technical indicators, likely drive the rally amid a broader recovery in the cryptocurrency market.
Ripple holders waited for an announcement from Ripple regarding an initial public offering in 2025. But Ripple’s president, Monica Long, ended speculation on the subject, confirming on Thursday that the money transfer company has “billions of dollars in cash” and that it has a strong financial position.
The SEC has given the green light to ripple futures ETFs, and traders are awaiting immediate approval.
The Securities and Exchange Commission has given the green light for the launch of the Pro shares Trust Fund multiple Ripple futures ETFs, with an implementation date set for Wednesday. Traders are waiting for the approval of spot ETFs, and the wait may be longer than expected in the United States. In Brazil, XRP’s first spot ETF debuted on the main B3 stock exchange. On Friday, according to an official press release.
The U.S. Securities and Exchange Commission has approved Pro Shares Ultra Short XRP ETF, Pro Shares Ultra XRP ETF, and Pro Shares Short XRP ETF; all three products are designed to provide leveraged and reverse exposure based on the price of XRP futures.
Responding to speculation that the financier Ripple will go public in 2025, President Monica Long told CNBC in an interview that the money transfer company has a strong financial position and has no plans for an IPO.
In an episode of Beyond the Valley on Thursday, Long told CNBC’s Arjun Kharpal that Ripple has plans to push its stablecoin and real-world asset token narrative.
XRP overtakes Ethereum in Japan and grows in popularity
Japan’s banking sector is poised for a major transformation, with nearly 80% of banks planning to adopt XRP in 2025. In such a move, XRP officially overtook Ethereum in trading activity. According to a report by SBI Group, one of Japan’s major cryptocurrency exchanges, XRP was the second most traded cryptocurrency last month, right after Bitcoin. This is a powerful reminder that XRP still has a large and loyal fan base, especially in Japan, where it has been very popular for years.
XRP attracts more traders’ interest
On the SBI VC Trade, XRP /JPY’s trading volume was higher than Ethereum’s (ETH/JPY) trading volume.This is a major shift, given that Ethereum is usually one of the biggest names in the cryptocurrency world. Meanwhile, Solana (SOL) andDogecoin (DOGE) took fourth and fifth place. Japanese traders prefer XRP more currently, outperforming Ethereum.
Moreover, XRP’s strong presence in Japan is no coincidence. Ripple, closely associated with XRP, and has spent years building strong relationships with Japanese banks and companies. As a result, XRP gained early confidence.
Yoshitaka Kitao, CEO of SBI Group, expressed strong support for XRP, highlighting its increasing use in international money transfers via RippleNet. He stressed that actual demand is key to XRP’s long-term success, criticizing Bitcoin for its lack of intrinsic value.
The number of XRP users has increased
Adding to the momentum of this trend, XRP was recently made available on Mercoin, one of Japan’s largest market apps. This is a big step because it makes XRP available to casual users who may be buying cryptocurrencies for the first time. The former CEO of Ripple noted, Amy Yoshikawa, pointed out that many Mercoin users are new users, which means that XRP reaches more new people and strengthens its position in the market.
XRP is heading towards $2.6 with strong bullish momentum
With the key support level holding at $2, XRP has a clear path to move towards the next important target at $2.6. If the price manages to break this resistance, it is likely to move towards $3, as buyers will be quick to take advantage of the current uptrend.
Even if optimists manage to reach $3, they will have to face stiff resistance at this level, as the price has been rejected twice previously. Sellers have long returned there to defy any attempts by XRP to climb. It is necessary for the $3 level to turn into a support level if buyers want to rise later.
Buying momentum is rapidly gaining strength with a clear bullish crossover on the three-day MACD. This is a significant change after the MACD moving averages have been in a downtrend since late January. This crossover could be the start of a sustained rally in the coming days and weeks.
Ripple does not need external capital to implement its plans in 2025. CEO Brad Garlinghouse has previously commented on the IPO plans and said the plans are likely to follow once the legal dispute with the U.S. Securities and Exchange Commission (SEC) is officially over.
Ripple Price Forecast: Potential 8% Rise, as Technical Indicators Turn Uptrend Ripple continues its recent gains and hovers around $2.33 at the time of writing on Monday.
The daily Ripple/USDT chart shows that the price could rise by 8% and test the resistance level at 2.51 USD, the 50% Fibonacci retracement level to fall from a high of 3.40 USD to a low of 1.62 USD.
