Why is XRP price up today?

The price of XRP XRPUSD has jumped by 4.65% in the last 24 hours to reach $0.542 on May 25, mirroring gains elsewhere in the cryptocurrency market.

Primary catalysts driving the XRP price upward today include the growing buzz around the introduction of spot XRP exchange-traded funds in the United States and a growing accumulation sentiment among whales.

XRP ETF launch hopes boost price

XRP price climbed on hopes that Wall Street would launch XRP ETFs in the future. 

For instance, Standard Chartered analyst Geoffrey Kendric has identified Solana SOLUSD and XRP as potential ETF contenders after the approval of spot Ether ETHUSD ETFs in the United States. However, he says these crypto ETFs will launch around 2025.

"For now, the dominance of Bitcoin and Ether will continue to rise, with a few selective ‘next in line’ winners emerging as well," Kendric added.

Coinbase relists XRP in New York

XRP's gains today are part of an uptrend that started on May 24, when Coinbase relisted the cryptocurrency for its clients in New York.

The exchange had previously delisted XRP across its U.S. markets in January 2021 due to a lawsuit filed by the U.S. Securities & Exchange Commission (SEC) against Ripple, XRP's parent company.

Coinbase's relisting of XRP comes on the heels of the House of Representatives passing the FIT21 bill on Wednesday. This bill, which garnered strong bipartisan support, aims to establish clear regulatory guidelines for operating the cryptocurrency industry in the United States.

XRP whales buy $55 million worth of tokens

XRP price gains today further coincides with signs of accumulation among its richest investors, also known as "whales."

Related: XRPL on-chain transactions jump 108% in Q1 2024

On-chain data shows larger wallets (100 million - 1 billion coins) witnessing an increase in their XRP holdings. Meanwhile, wallets holding 10 million - 100 million coins have the highest share of XRP supply. On the other hand, smaller wallets (100,000 - 1 million coins) have seen a slight decrease in their share over time.

This chart indicates strong whale support behind the ongoing XRP price rally.

XRP price ascending triangle pattern

From a technical perspective, XRP's gains are part of a rebound that started after testing the lower trendline of its prevailing ascending triangle pattern.

Ascending triangle patterns in a downtrend are considered bearish continuation patterns. They resolve when the price breaks below the lower trendline and falls by as much as the triangle's maximum height.

Therefore, depending on the breakdown point, XRP's price would risk declining toward the $0.432-0.467 range in a bearish scenario for June. Nonetheless, XRP is currently eyeing an extended rebound toward the triangle's upper trendline at around $0.560 by May.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.