XRP Price: Bulls Making a Comeback Amid Revived ETF Optimism?

XRP price has been struggling to secure a bullish footing for the last 6 weeks despite growing optimism.

However, the bulls may finally be gaining enough traction to achieve a sizable uptick.

In addition, it could be aided by major developments capable of shifting investor sentiment.

XRP demand is evident in both the spot and derivatives segments.

For example, spot flows have mostly been negative for the last 2 weeks, but have flipped back into the green in the last 2 days.

Over $36 million worth of spot flows was observed in the last 24 hours according to Coinglass.

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Meanwhile, the derivatives segment registered an 16.33% spike in open interest, coupled with an 77.14% surge in volume.

The spike in open interest is an important observation because it had mostly plateaued in the second week of February.

This was after a sharp decline in the first week of the month, hence confirming that sell pressure has cooled down significantly.

The return of demand was particularly evident in XRP price action. It traded for $2.70 after a 5.73% gain in the last 24 hours at the time of observation and a 19% gain from its lowest price point in the last 7 days.

Grayscale Joins List of Companies with XRP ETF Filings

The newly found bullish momentum observed in XRP price in the last 24 hours was largely linked to recent developments.

Among them include fresh hopes of XRP ETF applications potentially receiving the regulatory green light.

This comes after the U.S Securities and Exchange Commission (SEC) reportedly acknowledged Grayscale’s XRP ETF application.

It is worth noting that this acknowledgement does not equate to an approval.

Grayscale has added to the list of companies that have filed XRP ETF applications.

Some of the other notable companies in this list include WisdomTree Funds, Canary Funds, 21Shares, and Bitwise Investment.

Chances of an approval are quite high considering that Ripple is one of the biggest and most influential crypto companies out there.

Approval of those ETF filings may pave the way for massive institutional liquidity inflows. An outcome that will be extremely bullish for the market.

Another major reason potentially behind the latest XRP price excitement could be Crypto.com’s announcement that is listing XRP.

Exchange listings are usually bullish especially when it comes to major exchanges. Crypto.com happens to be one of the largest crypto exchanges in North America.

It also means XRP just got exposure to over 100 million potential users on the exchange.

The combination of events which include the ETF application new exchange listing appears to have booted investor confidence judging by bullish activity.

These bullish factor have converged at a time when the world is eagerly anticipating the Ripple-SEC legal battle’s conclusion.

XRP ETF approvals and a favorable legal outcome could thus trigger a massive bullish event.

The cryptocurrency could potentially deliver an impressive performance comparable to that of Bitcoin in 2024 depending on the level of demand.