The odds of spot XRP ETF approvals in the US increased after the Cboe Exchange filed several 19b-4s with the US SEC.
XRP price has been forming a bullish continuation pattern in the past few weeks amid the highly anticipated altseason.
The altcoin industry, led by ’ XRP , has continued to record short-term bearish sentiment in the last four days. As the altcoin’s short-term correlation with Bitcoin price remains positive, the odds of a bullish rebound in the coming days have significantly increased.
From a technical analysis standpoint, Bitcoin price has been forming a bullish continuation pattern, both in the macro time frame and short-term perspective.
Closer Look at XRP Price Action
As Coinspeaker recently , XRP price action has closely been following Bitcoin ahead of the much-anticipated altseason. The large-cap altcoin, with a fully diluted valuation of about $232 billion and a 24-hour average traded volume of around $6.3 billion, dropped around 4% in the past 24 hours to trade about $2.36 on Friday, during the mid-London session.
From a technical analysis standpoint, XRP price has been forming a rising bullish flag in the daily time frame. After Monday’s bullish rebound from the support level around $2.2, XRP price has been forming a bullish pennant in the four-hour time frame.
As a result, it is safe to assume that the XRP price will surge beyond $4 in the near future and enter the thriving phase of the 2025 bull run.
XRP Whales Remain Bullish
The demand for XRP by whale investors during the recent crypto correction has significantly increased. According to on-chain data analysis from , XRPL accounts with a balance of between 100 million and 1 billion XRPs, added around 520 million coins during the recent dip to hold about 10.46 billion coins.
The rising demand for XRP from whale investors is heavily bolstered by the positive fundamentals from Ripple Labs. As Coinspeaker reported, Ripple Labs has been developing XRP Ledger (XRPL) into a world-class web3 platform supporting scalable and interoperable DeFi products.
For instance, the Ripple USD (RLSD) has grown to a market valuation of over $108 million and a 24-hour trading volume of over $182 million. The listing of RLUSD on top protocols, led by , has helped increase the overall demand for XRP by institutional investors.
Spot ETF Approval on the Horizon
The listing of spot Bitcoin and Ethereum ETFs last year in the United States set the stage right for other altcoins to follow in the same path. With the Donald Trump administration heavily leaning towards the mainstream adoption of blockchain technology and crypto assets through clear regulatory frameworks, the approval of spot XRP ETF is imminent in the near future.
Earlier today, the Cboe exchange the 19b-4s on behalf of Bitwise Investments, Canary Capital, WisdomTree, and 21Shares for their spot XRP ETFs.
After the fund managers filed their S-1s last year, the filing of 19b-4s is the next level toward the final US SEC decision. Moreover, the US SEC will have 240 days after confirming the 19b-4s for the spot XRP ETFs to either approve or deny the applications.