Why is XRP price up today?

XRP (XRP) pared some losses following this week’s market crash, with 6% daily gains over the last 24 hours to trade at $2.24.

The top-ten altcoin trades 18% above the 24-hour low of $1.89 as the crypto market sentiment recovers slightly.

Let’s examine the key drivers behind XRP’s rebound today.

Franklin Templeton’s XRP ETF filing

One of the primary catalysts behind today’s XRP price surge is Franklin Templeton’s filing of an XRP ETF in the United States.

🔥 JUST IN: Franklin XRP Trust Files S-1 With the SEC for an XRP ETF on Cboe BZX. pic.twitter.com/B6oo3e5k0d

— Cointelegraph (@Cointelegraph) March 11, 2025

Key takeaways:

• On March 11, California-based asset manager Franklin Templeton filed an S-1 registration form with the US Securities and Exchange Commission (SEC) to launch a spot XRP ETF. 

• Franklin Templeton is a major global asset manager with $1.5 trillion in assets under management.

• It joins a growing list of financial giants like Bitwise, Grayscale, and WisdomTree in pursuing XRP-based ETFs. 

• This filing signals a strong vote of confidence in XRP’s potential as a mainstream investment vehicle.

• The news has fueled speculation of major capital inflows that could push XRP price into double digits. 

“Franklin Templeton has filed the 17th XRP ETF, which alone has $1.53 trillion USD under their asset management,” said pseudonymous XRP analyst Dark Defender in a March 12 post on X.

“Just imagine when all are approved. Double digits for XRP will be as easy as a pie.”

Meanwhile, the odds of a US spot XRP ETF being approved in 2025 are now at 76% on Polymarket.

If approved, it would boost XRP’s credibility and could draw billions of dollars in capital inflows, according to JP Morgan. 

Despite the SEC delaying decisions on other XRP ETF applications, such as those from Grayscale and Canary Capital, until May 2025, Franklin Templeton’s entry—given its size and reputation—has boosted market confidence, contributing to XRP’s price rebound.

MVRV metric suggests XRP price bottom

Beyond external catalysts, onchain data provides a compelling case for XRP’s price recovery. 

Key points:

• Metrics like the Market Value to Realized Value (MVRV) ratio indicate that XRP may have bottomed.

• The MVRV ratio compares XRP’s market cap to the value of coins at their last transaction, offering insight into whether the asset is overbought or oversold.

• Data from Santiment shows XRP’s 30-day MVRV ratio has plunged to a low of -16%, the lowest since April 2024.

• The chart above shows it inside a zone typically associated with accumulation, suggesting that selling pressure has subsided.

• Historically, XRP usually experiences a reversal whenever the 30D MVRV declines below 10%.

XRP price eyes V-shaped recovery to $2.64

XRP’s price action has been nurturing a V-shaped recovery chart pattern on the four-hour chart since March 6, as shown below.

• A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline. 

• XRP appears to be on a similar trajectory and now trades below a key supply congestion zone between $2.30 and $2.45, where all the major simple moving averages (SMAs) are currently sitting.

• The bulls must now push XRP above this area to increase the chances of the price rising to the neckline at $2.64 to complete the V-pattern.

• Completing the V-shaped recovery would result in 20% gains from the current price.

• The relative strength index has risen from oversold conditions at 27 on March 10 to 44 on March 1, suggesting that bullish momentum is picking up.

$XRP is among the strongest charts amid the sell-off

Daily bullish divergence

It will run massively as the market begins to recover. pic.twitter.com/iIw6UlIDuF

— Mikybull 🐂Crypto (@MikybullCrypto) March 11, 2025

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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