XRP has seen a strong bullish rally, gaining for four consecutive days and reaching a monthly high of $2.78. This marks a 50% increase from February’s lows as investor confidence grows in a potential spot XRP ETF approval.

ETF Hopes Drive Market Optimism

The Polymarket prediction market, which has recorded $37,000 in volume, now places the odds of an XRP ETF approval at 80%. Polymarket has a strong track record, having accurately predicted past events like the U.S. election.

Several major firms, including Grayscale, CoinShares, WisdomTree, 21Shares, Canary, and Bitwise, have applied for a spot XRP ETF. Analysts believe the SEC under Paul Atkins will be more open to approval compared to Gary Gensler’s tenure.

Regulatory Shifts Under Trump Administration

The Trump administration’s pro-crypto stance has further fueled speculation. Trump recently nominated Brian Quintenz—a crypto-friendly figure from a16z—to head the Commodity Futures Trading Commission (CFTC). The SEC has also acknowledged Grayscale’s XRP ETF application, marking a critical step in the approval process.

XRP’s price rally has been mirrored across the XRP Ledger ecosystem. Tokens like XRP Army (+26%), XPmarket, BearXRPL, and DROP (+18%) have all surged in the last 24 hours. Sologenic and Coreum have also recorded double-digit gains this month.

Technical Analysis: Resistance Ahead?

Despite its gains, XRP faces potential resistance:

• A hammer-like candlestick pattern suggests a bullish reversal.
• The token is now near the Murrey Math Lines’ extreme overshoot zone, signaling possible resistance.
• Wyckoff distribution phase signs indicate a potential markdown phase where holders start selling.

For further upside, XRP must break last year’s high of $3.40. Until then, profit-taking could slow momentum.