TLDR
- XRP is trading at $2.27, with a 4.80% daily gain and $3.9 billion in trading volume as of April 28, 2025
- XRP has broken out from an inverted head-and-shoulders pattern, signaling a bullish reversal
- ProShares XRP Futures ETF received SEC approval, effective April 30, 2025
- ProShares also got approval for leveraged XRP ETFs: Ultra XRP (2x), Short XRP, and Ultra Short XRP (-2x)
- XRP outperformed top cryptocurrencies with a 5% daily gain while most of the market remained stagnant
XRP, the fourth-largest cryptocurrency by market capitalization, has seen a strong price increase amid new ETF approvals and positive technical signals. As of April 28, 2025, XRP is trading at $2.27, representing a 4.80% gain over the past 24 hours.
The cryptocurrency reached an intraday high of $2.29 and a low of $2.17. Trading volume has jumped to $3.9 billion in the last 24 hours, showing increased market activity and investor interest.
While most of the cryptocurrency market remained quiet over the weekend, XRP emerged as a top performer among large-cap altcoins on Monday.
Technical Breakout Confirms Bullish Trend
XRP has been trading within a descending parallel channel for several months. Recently, the price broke out from an inverted head-and-shoulders pattern, a technical formation that often signals a bullish reversal.
After breaking the neckline around $2.20-$2.25, XRP surged toward $2.27, confirming the pattern and strengthening the case for further upward movement.
The Relative Strength Index (RSI) for XRP stands at 59.28, steadily rising from below the 50 level where it hovered last week. This increase suggests growing buying pressure while keeping XRP in a bullish zone without reaching overbought territory.
The MACD indicator shows further evidence of positive momentum. The MACD line at 0.034 has crossed above the signal line at 0.029, creating a bullish crossover. The increasing separation between these lines, along with growing histogram bars, points to strong momentum for continued upward price movement.
If the current bullish trend continues, analysts see the first price target at $2.36, followed by $2.56 and $2.76 based on Fibonacci levels. A sustained breakout above $2.76 could open the path to $3.04 and eventually $3.40.
Multiple ETF Approvals Boost Institutional Appeal
A major catalyst for XRP’s price increase appears to be recent regulatory developments. The U.S. Securities and Exchange Commission (SEC) has granted official approval for ProShares Trust’s XRP Futures ETF, which will launch to the public on April 30, 2025.
⚡️ICYMI: ProShares has received SEC approval to launch three $XRP ETFs: Ultra $XRP ETF (2x leverage), Short $XRP ETF, and Ultra Short $XRP ETF (-2x leverage).
These funds will track #XRP futures prices, offering traders opportunities for long and short positions. pic.twitter.com/VXzVyOgn9x
— CryptoPotato Official (@Crypto_Potato) April 28, 2025
This approval marks a regulatory milestone expected to increase institutional adoption and trading volumes for XRP.
In addition to the futures ETF, ProShares received approval for three leveraged XRP ETFs: Ultra XRP ETF with 2x leverage, Short XRP ETF, and Ultra Short XRP ETF with -2x leverage.
These products are similar to the leveraged XRP ETFs released by Teucrium earlier in April. While these are not the spot XRP ETFs that many in the community have been anticipating, the approvals appear to have given XRP’s price a boost over the weekend and into Monday morning.
Traders should monitor XRP’s price action as changing volatility and liquidity caused by ETF inflows may lead to short-term price spikes.
The multiple ETF approvals position XRP alongside other regulated crypto investment products, potentially making it more attractive to investors and portfolio managers who previously avoided direct cryptocurrency exposure.
Positive Derivatives Data
Derivative market data shows increasing activity for XRP, with a 79.20% surge in volume to $8.35 billion and a 3.82% rise in open interest to $3.99 billion.
Options trading has seen even stronger growth, with options volume jumping by 114.52% and options open interest rising by 16.79%. These increases indicate heightened speculative interest in XRP’s future price movements.
The long-short ratios on major exchanges show a decidedly bullish stance from traders. On Binance, this ratio is above 2.5, suggesting traders are taking more long positions than short positions.
Weighted funding rates also point to a scenario where long positions are being taken more heavily than shorts. These metrics provide evidence of a bullish sentiment driving XRP’s price action.
Should XRP fail to maintain its position above the breakout zone, support levels are found at $2.17 and the psychological level of $2.00. A deeper correction could push prices toward the lower boundary of the previous channel near $1.85.
With the combination of technical breakouts, ETF approvals, and positive derivatives data, XRP has established itself as one of the strongest performers in the cryptocurrency market in recent days.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
