XRP Spikes 3%: Why Is It Going Up?

XRP XRP/USD is up on Wedneday amid growing institutional interest.

What Happened: Cryptocurrency options exchange Deribit noted the positive impact of ETF filings on the price of XRP, despite the looming threat of tariffs.

Trader Notes: Crypto trader Johnny expects a relief bounce for XRP.

Mikybull Crypto sees XRP as one of the strongest charts despite the recent sell-off, predicting it will “run massively” as the market recovers.

Ali Martinez warns that XRP must hold $2 to avoid a head-and-shoulders breakdown, which could indicate a macro trend shift.

Statistics: Coinglass data shows XRP long liquidations of $2.75 million at multi-week lows. Franklin Templeton's XRP ETF filing boosted open interest by 4.4% in one day.

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Community News: In an X post on March 12, ETF Store President Nate Geraci stated that $1.5 trillion asset manager Franklin Templeton filed for a Franklin XRP ETF.

It will track XRP's spot price minus fees and the assets will be held by Coinbase Custody. The shares will trade on Cboe BZX Exchange.

The preliminary filing has 240 days to approve pr deny the Frankling filing. Some other players already in the race are Bitwise, 21Shares, WisdomTree and Canary Capital.

Ripple CEO Brad Garlinghouse drew attention to the filing on his X profile.

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