The cryptocurrency market is having a positive start to the week following the poor performance it recorded last week.

The total cryptocurrency market cap has topped $3.5 trillion, up 4% in the last 24 hours.

While Bitcoin and Ether are currently in the green, Ripple’s XRP is the best performer in the top 10, up by 8%. The coin could rally higher in the near term amid renewed institutional interest in recent days.

XRP, the native coin of the Ripple ecosystem, is the best performer among the top 10 cryptocurrencies by market cap.

The coin is up 8% in the last 24 hours and is now trading close to the $2.5 psychological mark.

The positive performance comes amid renewed spot XRP ETF optimism by investors. Canary Capital, Bitwise, Franklin Templeton, and 21Shares filed amended S-1 registration statements for spot XRP ETFs.

The amendments introduce standardized listing language designed to streamline SEC review under existing 8(a) procedures.

The amended filings suggest that approval could come as soon as mid-November. The five-spot XRP ETFs have been listed on DTCC ahead of a potential US launch this month.

An ETF launch could intensify institutional interest in XRP and potentially unleash new inflows into the cryptocurrency, similar to what was experienced by Bitcoin and Ethereum ETFs earlier this year.

In addition to that, President Trump announced over the weekend that a direct tariff dividend of “at least” $2,000 will be paid out to most Americans.

He added that the United States is generating “trillions of dollars” in tariffs, with the funds generated set to reduce the country’s $37 trillion national debt and finance the dividend.

The XRP/USD 4-hour chart is bearish and inefficient despite the coin adding 8% to its value in the last 24 hours. At press time, XRP is trading at $2.47 and could rally higher in the near term.

The technical indicators on the 4-hour timeframe have switched bullish thanks to the coin’s positive performance over the weekend. The RSI of 67 is above the neutral 50, indicating a bullish bias.

The MACD lines are also within the positive territory, suggesting that buyers are currently in control of the market.

If the bullish recovery continues, XRP could rally towards the $2.70 mark in the near term and gain efficiency in the process.

An extended bullish trend would allow the cryptocurrency to target the 4-hour Transactional Liquidity (TLQ) level at $3.1. Reclaiming this level would switch the higher timeframe bias to bullish.

However, failure to close the daily candle above $2.51 matrix could see XRP retrace towards the support level at $2.29.

The post XRP outperforms other major cryptos amid ETF optimism; check forecast appeared first on Invezz

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