XRP (XRP) Price: Bulls Eye $2.80 as Ripple Unveils Custody Trademark

TLDR

Table of Contents

XRP experienced an 8% price drop over the weekend, trading at $2.30 after a four-day winning streak
SEC pause on altcoin ETF approvals contributed to the price decline despite earlier optimism from potential SEC reclassification
Ripple filed a new trademark for “RIPPLE CUSTODY,” hinting at upcoming crypto storage solutions
Derivatives market indicators suggest bullish momentum may continue despite the correction
Analysts see potential for price rebound to $2.80 if XRP maintains support at $2.30

XRP has seen a notable price correction over the weekend, dropping 8% to $2.30 after four consecutive days of gains. The recent price action follows a period of optimism surrounding Ripple’s ongoing legal battle with the Securities and Exchange Commission (SEC).

The cryptocurrency had been performing well last week. Renewed hope in Ripple’s legal situation helped drive buyer interest in the market.

A significant development came on Thursday when FOX analysts reported the SEC is considering classifying XRP as a commodity. This potential shift would use Ethereum’s current regulatory treatment as a benchmark.

Such a reclassification could dramatically improve XRP’s prospects. It might open the door for ETF approval and possible inclusion in strategic crypto reserves.

However, the rally came to a halt on Friday, March 14. The SEC announced it would pause the approval process for altcoin ETFs.

This regulatory announcement triggered a downturn across top altcoins. Those with ETF filings in progress were particularly affected over the weekend.

The price dropped from its Friday peak of $2.49 to $2.29 by March 16. This 8% decline ended what had been a strong winning streak for the cryptocurrency.

Bulls still in control

Despite the price dip, derivatives market metrics suggest bulls may still have control. Trading volume for XRP increased by 12.11%, reaching $6.05 billion according to Coinglass data.

The 24-hour liquidation data shows $11.58 million in positions were closed. Of these, $8.98 million were long positions and $2.60 million were short positions.

Open interest has decreased by 6.70% to $3.14 billion. This indicates leveraged positions are unwinding, which could signal the end of the current correction.

Ripple files for a new trademark

Market watchers note several key events that may impact XRP price this week. Ripple has filed for a trademark under the name “RIPPLE CUSTODY.”

This filing hints at a potential new product focused on crypto storage solutions. Industry observers believe this could generate fresh investor interest in the coming days.

The upcoming Federal Reserve meeting on February 19 will also play a role in shaping market sentiment. Any hints of dovish monetary policy could boost risk appetite across markets.

Regarding ETF developments, analysts expect continued discussions despite the temporary halt. Strategic investors will be watching for insights from key ETF sponsors.

Technical indicators present a mixed picture for XRP. The Keltner Channel midline at $2.35 is acting as immediate resistance.

A breakout above this level could open the door toward the upper Keltner Channel band near $2.77. The Relative Strength Index (RSI) sits at 47.49, in neutral territory.

Volume data shows signs of healthy recovery

Previous bullish days recorded over 1.25 billion in volume, suggesting buyers remain engaged in the market.

If XRP maintains support near $2.30, bulls could push prices toward $2.50 in the short term. Some analysts project a potential move to $2.80 if momentum continues.

Failure to hold $2.30 could lead to deeper retracements. The lower Keltner Channel band near $1.92 might be tested in this scenario.

Beyond technical factors, retail interest in XRP remains strong, particularly in South Korea. Data shows whale wallets acquired $700 million worth of XRP last week.

Derivatives platform Deribit indicates traders are betting on a $5 XRP price this year. The $5 call is currently the most popular for XRP on the platform.

JPMorgan has made predictions about future XRP ETFs. They estimate these funds could attract $8 billion in investor inflows during their first year after launch.

However, betting markets show mixed sentiment. Polymarket data indicates bettors put the chances of XRP reaching a new record before the end of June at just 26%.

This represents a decline from 56% earlier this month when expectations were higher. The shift comes as earlier hopes for U.S. government cryptocurrency stockpiling did not materialize as expected.

Since Trump’s inauguration, XRP has declined by 31%. This drop mirrors broader cryptocurrency market weakness in early 2025.

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