XRP Price News: Solana ETF Approval Boosted XRP’s Price – $3 Next?

XRP (XRP) was propelled yesterday after news broke that the first Solana-linked exchange-traded fund (ETF) will hit the trading desks this week.

The Rex-Osprey Solana Staking ETF (SSK) has become the first vehicle approved by the U.S. Securities and Exchange Commission (SEC) that will offer exposure to another altcoin apart from Ethereum.

Odds of An Approved XRP ETF by July 31 Jump

The market has been expecting the SEC’s decision on a large number of ETF applications submitted by asset management firms like REX Shares.

The agency’s nod to an XRP-linked vehicle of this kind is expected this year. Now, the odds that one of these submissions could be approved before the end of July have increased after REX Shares got the green light.

Ripple ETF Approval Odds for July 31 – Source: Polymarket.com

Wagers in the prediction market Polymarket for the approval of an XRP ETF before July 31 surged from 9% to 32% in the past day alone and currently sit at 24%.

Meanwhile, bettors have assigned a probability of 86% to the approval of this vehicle before the end of the year.

Alongside the launch of XRP futures by the CME Group, the launch of this Solana ETF does raise the odds that a similar vehicle could be approved for the native asset of the Ripple network this year.

This would open up the floodgates of institutional adoption for altcoins and could also prompt investors to incorporate these vehicles into their largest investment accounts – e.g. 401ks and IRAs.

XRP’s Volumes Skyrocket After ETF Approval

XRP has gone up by 1% in the past 7 days and is once again in positive territory on a year-to-date basis with gains of 5.7%. This makes it the second-best performing token of the top 5 behind Bitcoin, whose YTD gains are much higher at 14%.

In the past 24 hours, trading volumes have more than doubled as the market seems to have greeted the news.

Looking at the 4-hour chart, we can see the significant reaction that Solana’s ETF approval triggered on XRP. The price jumped by nearly 6% in just 4 hours yesterday but has been retreating since its key resistance at $2.33.

XRP/USD 4-Hour Chart (Coinbase) – Source: TradingView

The $2.08 area has held quite well for XRP in the past few days, making it our key support to watch for the next few areas.

Meanwhile, there’s a middle ground that the market has gone to where it has found enough liquidity for its next moves at around $2.20 and $2.15. This is where the price has landed now and it is already approaching the lower bound of that range.

Momentum indicators in this lower time frame indicate that the uptrend’s strength has declined to the point that the oscillator has moved below its 14-period moving average.

The $2.15 level would be the key support for a short-term trade but the $2.08 level remains the most critical one to watch for a swing position.

Three consecutive rejections of the $2.33 level emphasize its relevance to market participants. Is the selling pressure enough to push XRP below $2? It is too early to tell but triple tops tend to be bearish and typically lead to strong downturns when confirmed.

So, even though this ETF approval moved XRP’s needle, bears still seem to be in control of certain key areas. If further vehicles like this one start to get the nod from the SEC and are launched in the next few days, positive momentum could accelerate.