Ripple continues to experience a bear market downturn since January as it dropped 35 percent in price. The digital money climbed up again during its second straight day of gains because of market increases that started when price and inflation data showed positive outcomes. Bitcoin and Cardano digital assets performed better than most others by increasing more than 3%. This enhanced market confidence.
On Tuesday when Franklin Templeton filed its spot ETF application the XRP price saw strong development. With $1.5 trillion assets under management Franklin Templeton became the newest firm among WisdomTree, Bitwise, 21Shares, Grayscale, Canary, and CoinShares seeking SEC approval for spot XRP ETF. Traders on Polymarket raised the approval chances to almost 80% according to recent data.
Ripple Faces Legal Uncertainty
XRP received more support when former President Donald Trump mentioned it as part of the U.S. digital coin reserve system. By entering the market government purchasing would boost demand because institutions would take more interest in digital assets.
Ripple stands out because XRP helps compete directly against SWIFT and its worldwide payment control. Ripple says its blockchain system settles financially supported transactions much faster than SWIFT does and costs less.
The future movement of XRP mainly depends on the results of the legal battle between Ripple Labs and the U.S. Securities and Exchange Commission. Ripple will have better chances to work with top banks after positive court judgement. Ripple collaborates with financial companies like Santander, HSBC, SBI Holdings, and Bank of America.
After letting Uniswap, Coinbase and Kraken off, the SEC indicates it might lessen controls over crypto companies. The decision about how to regulate Ripple could help keep their business thriving with better trading value.
Ripple Eyes ETF Approval
The XRP price shows a clear drop toward $1.9275 on its daily chart which held as support since December. The $1.9275 mark provides a support zone for a head-and-shoulders pattern which suggests bearish market trends. 
The top section stands at $3.4 with both sides of the formation located at $3. The falling price of XRP now stays below its average price calculations from the past 100 days indicating market weakness. A bearish market movement toward $1.9275 will push XRP towards its psychological $1.00 level while matching the 78.6% Fibonacci retrenchment point.
A bull market trend would start when XRP rises above $3 to match its year-to-date peak of $3.4 and removes the bearish signal from the H&S pattern. Market sentiment about XRP may change positively after a spot ETF receives approval and the SEC releases good news but technical indicators show potential danger to price.
Market players are holding back from investing because recent buying has not set up steady upward growth. Many small price upgrades point towards market recovery but the industry sentiment and control concepts decide XRP’s future direction through 2023.
The performance of all crypto assets including XRP mainly determines its market direction. As Bitcoin increases in value it typically improves the trading environment for XRP and other altcoins. When other cryptocurrencies decrease in value XRP usually has a harder time recovering.
The price movement of XRP will depend equally on changes in market attitudes toward this digital asset while businesses embrace it and market indicators align. Traders will track both SEC progress and possible spot ETF approvals to predict when significant changes will happen in XRP’s prices.
