Ripple’s RLUSD Approval and ETF Speculation Fuel Price Rebound
XRP surged 7% to $2.20, rebounding from a sharp sell-off that briefly pushed the token down to $2.07, amid a turbulent session marked by increased market-wide volatility.
High-Volume Sell-Off Followed by Bullish Recovery
During the 19:00–20:00 hour, XRP witnessed intense selling pressure, with trading volume spiking to 228.6 million units, nearly double its daily average. The steep decline quickly found a support base at $2.07, triggering a wave of buying interest in the $2.10–$2.15 range.
The price action has since formed a higher-low structure, a bullish technical signal suggesting momentum may be shifting in favor of buyers.
Regulatory Milestones Boost Sentiment
Ripple’s announcement that its RLUSD stablecoin has been approved by Dubai regulators has reinvigorated investor confidence. The move underscores Ripple’s broader strategy of positioning XRP and associated products as key components in cross-border payment infrastructure.
Meanwhile, market participants are closely monitoring the upcoming decision on Franklin Templeton’s proposed spot XRP ETF, expected by June 17. Approval could serve as a significant institutional catalyst, dramatically boosting XRP’s liquidity and legitimacy in traditional finance.
Technical Levels to Watch
- Current Price: $2.14 (after touching $2.20 intraday)
- Support Zone: $2.07–$2.10
- Resistance Zone: $2.50–$2.60
- Chart Pattern: Symmetrical triangle with a higher-low formation, suggesting potential breakout if volume and sentiment strengthen.
XRP’s price action is currently consolidating above its 200-day moving average, an important indicator of long-term strength.
Market Outlook
While the recent rebound signals a return of bullish momentum, caution remains in the broader crypto market. A symmetrical triangle pattern indicates indecision, but also hints at a possible breakout — likely contingent on ETF news or renewed market-wide sentiment.
Ripple’s ongoing efforts to bridge crypto and traditional finance, including stablecoin adoption and regulatory engagement, are helping to solidify XRP’s role as a settlement asset and potential hedge.
Conclusion
XRP is showing technical strength and fundamental promise, but traders remain cautious ahead of the ETF decision. A clear move above the $2.60 resistance zone could ignite the next leg up — or falter if broader market support weakens.
