Breaks $2.25 Resistance After ProShares ETF Approval News #NewsETFs

Tldr

• XRP is currently trading at $2.27, showing a 4.80% daily gain with increased trading volume of $3.9 billion
• XRP has broken out from an inverted head-and-shoulders pattern, signaling a bullish reversal
• The SEC has approved ProShares XRP Futures ETF, effective April 30, 2025
• XRP is outperforming other top cryptocurrencies, being up 5% when most are stagnant
• Key resistance levels ahead are at $2.36, $2.56, and $2.76, with potential targets up to $3.40

XRP is showing strong price action amid new ETF approvals and technical breakouts. As of April 28, 2025, XRP is trading at $2.27, representing a 4.80% gain over the past 24 hours while most other cryptocurrencies remain relatively flat.

The cryptocurrency has seen an intraday high of $2.29 and a low of $2.17. Trading volume has surged to $3.9 billion in the last 24 hours, indicating heightened market activity and investor interest.

XRP has been trading within a descending parallel channel for several months. Recently, it has broken above this channel, creating a strong bullish confirmation and suggesting that the prolonged downtrend may be coming to an end.

A breakout has occurred from an inverted head-and-shoulders pattern, a technical formation that typically indicates a bullish reversal is underway. After breaking the neckline around $2.20-$2.25, XRP surged toward $2.27, confirming the validity of this pattern.

This breakout is particularly important as it often marks the beginning of a strong uptrend. The convergence of the neckline with the channel resistance adds more weight to the significance of this technical development.

Technical Indicators Point Upward

The Relative Strength Index (RSI) for XRP stands at 59.28, showing a steady rise from the 50 level where it has been hovering over the past week. This increasing RSI indicates growing buying pressure, keeping XRP in a bullish zone without yet approaching overbought conditions.

The Moving Average Convergence Divergence (MACD) line is now at 0.034, having crossed above the signal line at 0.029, forming a clear bullish crossover. The growing separation between these lines, along with increasing histogram bars, suggests strong momentum favoring further upward price movement.

If the current bullish momentum continues, the first price target would be $2.36, followed by $2.56 and $2.76 based on Fibonacci retracement levels. A sustained breakout above $2.76 could open the path to $3.04 and potentially $3.40.

On the downside, if XRP fails to maintain its position above the breakout zone, support levels are found at $2.17, followed by the psychological level at $2.00. A deeper correction might push prices toward the lower boundary of the previous channel near $1.85.

ETF Approvals Boost Institutional Appeal

The most recent catalyst for XRP’s price surge appears to be ETF-related developments. The US Securities and Exchange Commission (SEC) has granted official approval for the launch of ProShares Trust’s XRP ETF to the public, effective April 30, 2025.

ProShares received the green light to launch three products: Ultra XRP ETF (with 2x leverage), Short XRP ETF, and Ultra Short XRP ETF (-2x leverage). These products are similar to the leveraged XRP ETFs released by Teucrium earlier this month.

This regulatory milestone is expected to increase institutional adoption and trading volumes for XRP. While these are not the spot Ripple ETFs that many in the XRP community have been anticipating, the approvals have clearly given XRP’s price a boost over the weekend and Monday morning.

Traders should monitor XRP’s price actions closely, as changing volatility and liquidity caused by ETF inflows may lead to short-term price spikes. This approval positions XRP alongside other regulated crypto ETFs, potentially making it more attractive for hesitant investors and portfolio managers.

⚡️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

Derivatives Data Shows Bullish Sentiment

Derivative data indicates increased market activity, with a 79.20% surge in volume to $8.35 billion and a 3.82% increase in open interest to $3.99 billion.

Options trading has experienced substantial growth, with options volume increasing by 114.52% and options open interest rising by 16.79%. These figures indicate heightened speculative interest in XRP’s future price movements.

The long-short ratios on major exchanges are heavily skewed toward the bullish side. The Binance ratio is above 2.5, and weighted funding rates suggest that long positions are being taken more heavily than shorts.

These metrics provide evidence of the bullish nature of XRP’s recent price action and suggest that traders are positioning themselves for continued upward movement.

XRP has proven to be resilient in a market where Bitcoin and most altcoins have stalled. While BTC dropped from over $94,500 to under $93,000 before recovering, XRP dipped to $2.16 before shooting up to a multi-day peak of almost $2.3.

Although it has retraced slightly since reaching that peak, XRP remains approximately 5% up on the day, outperforming all other cryptocurrencies in the top 25 by market capitalization.

Popular crypto analysts believe that the eventual approval of spot XRP ETFs would have an even more substantial effect on the asset’s price. Some have made bold predictions, setting targets as high as $100, though such forecasts should be viewed with appropriate caution.

For now, XRP traders and investors are watching key resistance levels at $2.30 and $2.35. A clear move above $2.35 could send the price toward $2.42, with further gains potentially pushing toward $2.45 or even $2.50 in the near term.

XRP’s recent price action, coupled with positive developments on the ETF front, suggests that the cryptocurrency may be entering a new phase of growth and adoption.