FRANKLIN TEMPLETON’S ETF FILING SPARKS RALLY
XRP’s price rebounded today following the announcement of Franklin Templeton’s spot XRP exchange-traded fund (ETF) filing with the U.S. Securities and Exchange Commission (SEC). The leading asset manager, overseeing $1.5 trillion in assets, submitted an S-1 registration form on March 11, positioning itself alongside other financial giants like Grayscale and WisdomTree in the race for an XRP ETF.
The news triggered a strong market reaction, propelling XRP 6% higher in the last 24 hours to $2.24, up from a 24-hour low of $1.89. The ETF filing has intensified speculation that significant capital inflows could push XRP into double-digit price territory.
— Cointelegraph (@Cointelegraph) March 11, 2025
JUST IN: Franklin XRP Trust Files S-1 With the SEC for an XRP ETF on Cboe BZX. pic.twitter.com/B6oo3e5k0d
ON-CHAIN METRICS INDICATE POTENTIAL BOTTOM
Beyond the ETF excitement, on-chain data suggests XRP may have reached its market bottom. The Market Value to Realized Value (MVRV) ratio, a key metric measuring whether an asset is overbought or oversold, has plummeted to -16%, its lowest level since April 2024. Historically, XRP has seen price reversals when the 30-day MVRV falls below -10%, indicating the current conditions could favor a price recovery.
TECHNICAL OUTLOOK: V-SHAPED RECOVERY IN PROGRESS
XRP’s price action has been forming a V-shaped recovery since March 6, a bullish pattern signaling a sharp rebound after a steep decline. The cryptocurrency currently trades below a crucial supply zone between $2.30 and $2.45, where major simple moving averages (SMAs) are concentrated.
$XRP is among the strongest charts amid the sell-off
— Mikybull
Daily bullish divergence
It will run massively as the market begins to recover. pic.twitter.com/iIw6UlIDuFCrypto (@MikybullCrypto) March 11, 2025
For sustained upward momentum, XRP must break above this resistance to target the neckline at $2.64. A successful breakout could complete the V-shaped recovery, potentially delivering 20% gains from current levels.
Additionally, XRP’s Relative Strength Index (RSI) has climbed from oversold conditions at 27 on March 10 to 44 on March 12, reinforcing the growing bullish momentum.
MARKET CONFIDENCE GROWS DESPITE SEC DELAYS
While the SEC has postponed decisions on other XRP ETF applications, including those from Grayscale and Canary Capital, Franklin Templeton’s high-profile entry has reinvigorated investor confidence.
Analysts believe regulatory approval of an XRP ETF could unlock billions in institutional investments, further strengthening the asset’s long-term outlook.
With technical indicators and institutional interest aligning, XRP traders are closely watching for further price gains in the coming days.
