Bitcoin

when

XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) pared some losses following this week’s <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/why-is-the-crypto-market-down-today" rel="null" target="null" text="null" title="null">market crash</a>, 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.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-03/01958a69-0243-7b45-b35b-fad3f23554b5" title="" alt="Why is XRP price up today?">
 <figcaption style="text-align: center;">
 XRP/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/bYfZV2U5/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/bYfZV2U5/">TradingView</a>
 </figcaption>
</figure>
Let’s examine the key drivers behind XRP’s rebound today.
<h2 id="strong-franklin-templeton-s-xrp-etf-filing-strong">Franklin Templeton’s XRP ETF filing</h2>
One of the primary catalysts behind today’s XRP price surge is Franklin Templeton’s filing of an XRP ETF in the United States.
<blockquote class="twitter-tweet">
 🔥 JUST IN: Franklin XRP Trust Files S-1 With the SEC for an XRP ETF on Cboe BZX. <a href="https://t.co/B6oo3e5k0d">pic.twitter.com/B6oo3e5k0d</a>— Cointelegraph (@Cointelegraph) <a href="https://twitter.com/Cointelegraph/status/1899532549916877044?ref_src=twsrc%5Etfw">March 11, 2025</a>
</blockquote>
Key takeaways:
<ul>
 <li>On March 11, California-based asset manager Franklin Templeton <a data-ct-non-breakable="null" href="https://www.sec.gov/Archives/edgar/data/2059438/000113743925000181/s1.htm" rel="null" target="null" text="null" title="null">filed</a> an S-1 registration form with the US Securities and Exchange Commission (SEC) to launch a <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/what-are-xrp-backed-securities" rel="null" target="null" text="null" title="null">spot XRP ETF</a>.&nbsp;</li>
 <li>Franklin Templeton is a major global asset manager with $1.5 trillion in assets under management.</li>
 <li>It joins a growing list of financial giants like <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitwise-files-xrp-etf" rel="null" target="null" text="null" title="null">Bitwise</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-seeks-conversion-multi-crypto-fund-to-etf" rel="null" target="null" text="null" title="null">Grayscale</a>, and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cboe-xrp-etfs-bitwise-wisdom-tree-canary-and-21-shares" rel="null" target="null" text="null" title="null">WisdomTree</a> in pursuing XRP-based ETFs.&nbsp;</li>
 <li>This filing signals a strong vote of confidence in XRP’s potential as a mainstream investment vehicle.</li>
 <li>The news has fueled speculation of major capital inflows that could push XRP price into double digits.&nbsp;</li>
</ul>
“Franklin Templeton has filed the 17th XRP ETF, which alone has $1.53 trillion USD under their asset management,” <a data-ct-non-breakable="null" href="https://x.com/DefendDark/status/1899578452732530740" rel="null" target="null" text="null" title="null">said</a> pseudonymous XRP analyst Dark Defender in a March 12 post on X.
<blockquote>
 “Just imagine when all are approved. Double digits for XRP will be as easy as a pie.”
</blockquote>
Meanwhile, the odds of a US spot XRP ETF <a data-ct-non-breakable="null" href="https://polymarket.com/event/ripple-etf-approved-in-2025?tid=1740039864495" rel="null" target="null" text="null" title="null">being approved</a> in 2025 are now at 76% on Polymarket.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-03/01958a69-0bf0-7e77-a0bc-88012dbb56c9" title="" alt="Why is XRP price up today?">
 <figcaption style="text-align: center;">
 XRP ETF approval odds on Polymarket. Source: <a data-ct-non-breakable="null" href="https://polymarket.com/event/ripple-etf-approved-in-2025?tid=1740039864495" rel="null" target="null" text="null" title="https://polymarket.com/event/ripple-etf-approved-in-2025?tid=1740039864495">Polymarket</a>
 </figcaption>
</figure>
If approved, it would boost XRP’s credibility and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/solana-xrp-etfs-billion-dollar-investment-jpmorgan" rel="null" target="null" text="null" title="null">could draw billions of dollars</a> in capital inflows, according to JP Morgan.&nbsp;
Despite the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-delays-decision-xrp-solana-litecoin-dogecoin-etfs" rel="null" target="null" text="null" title="null">SEC delaying decisions</a> 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.
<h2 id="strong-mvrv-metric-suggests-xrp-price-bottom-strong">MVRV metric suggests XRP price bottom</h2>
Beyond external catalysts, onchain data provides a compelling case for XRP’s price recovery.&nbsp;
Key points:
<ul>
 <li>Metrics like the Market Value to Realized Value (MVRV) ratio indicate that XRP may have bottomed.</li>
 <li>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.</li>
 <li>Data from Santiment shows XRP’s 30-day MVRV ratio has plunged to a low of -16%, the lowest since April 2024.</li>
</ul>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-03/01958a69-1704-7c6f-8a06-2c7fc9eb5c31" title="" alt="Why is XRP price up today?">
 <figcaption style="text-align: center;">
 XRP 30-day MVRV. Source: Santiment
 </figcaption>
</figure>
<ul>
 <li>The chart above shows it inside a zone typically associated with accumulation, suggesting that selling pressure has subsided.</li>
 <li>Historically, XRP usually experiences a reversal whenever the 30D MVRV declines below 10%.</li>
</ul>
<h2 id="strong-xrp-price-eyes-v-shaped-recovery-to-2-64-strong">XRP price eyes V-shaped recovery to $2.64</h2>
XRP’s price action has been nurturing a V-shaped recovery chart pattern on the four-hour chart since March 6, as shown below.
<ul>
 <li>A V-shaped recovery is a bullish pattern formed when an asset experiences a sharp price increase after a steep decline.&nbsp;</li>
 <li>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.</li>
 <li>The bulls must now push XRP above this area to increase the chances of the price rising to the neckline at $2.64 to complete the V-pattern.</li>
 <li>Completing the V-shaped recovery would result in 20% gains from the current price.</li>
</ul>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2025-03/01958a69-213b-734c-82c8-870a6fe8a048" title="" alt="Why is XRP price up today?">
 <figcaption style="text-align: center;">
 XRP/USD daily chart. Source: Cointelegraph/<a data-ct-non-breakable="null" href="https://www.tradingview.com/x/2Tg070am/" rel="null" target="null" text="null" title="https://www.tradingview.com/x/2Tg070am/">TradingView</a>
 </figcaption>
</figure>
<ul>
 <li>The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/here-s-3-ways-the-relative-strength-index-rsi-can-be-used-as-a-sell-signal" rel="null" target="null" text="null" title="null">relative strength index</a> has risen from oversold conditions at 27 on March 10 to 44 on March 1, suggesting that bullish momentum is picking up.</li>
</ul>
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$XRP</a> is among the strongest charts amid the sell-off Daily bullish divergence It will run massively as the market begins to recover. <a href="https://t.co/iIw6UlIDuF">pic.twitter.com/iIw6UlIDuF</a>— Mikybull 🐂Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1899548561026535560?ref_src=twsrc%5Etfw">March 11, 2025</a>
</blockquote>
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.

Why is XRP price up today?

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