Recently, XRP prices have begun to signal a rise, igniting optimism among traders.
As technical analyses reveal that price movements are approaching support levels, bullish expectations are gaining momentum. Particularly noteworthy are comments suggesting the completion of the second corrective wave according to Elliott Wave Theory, reinforcing the possibility of a breakout. Additionally, speculation about a potential ETF approval for XRP is believed to have a significant upward impact on its price.
Technical Data and Key Support Areas Stand Out
Currently, XRP is trading around $2.08. Recent analyses indicate that strong support levels are at $1.90 and $1.55. As long as prices remain above these levels, there’s a general consensus among analysts that the bullish potential will be maintained. Technical analyses from Casitrade suggest that if these supports hold, XRP may break through the $2.24 level, signaling the start of a new upward trend.
The MACD histogram remaining in the positive zone and the RSI indicator hovering in the mid-range signal that buying pressure is increasingly building. Traders are particularly attentive to these indicators, as potential entry signals could trigger new capital flows into the market. According to EGRAG CRYPTO’s analysis, movement above $2.25 in weekly closing could confirm XRP’s upward trend.
ETF Expectations and Institutional Interest Take Center Stage
The likelihood of ETF approval for XRP is becoming a more common topic among investors. Analysts at JPMorgan note that such an approval could pave the way for billions in institutional investment. This scenario may boost not only prices but also market confidence. Beliefs that XRP could rise to $15 following ETF approval are shaping long-term expectations among traders.
Analysts like Zach Realtor argue that such developments would make XRP more attractive to institutional investors, potentially pushing prices to new heights. However, despite these expectations, short-term volatility risks remain on the table. The transfer of approximately 55 million XRP to exchanges could create short-term selling pressure, stressing the need for caution among investors.
Price targets are expanding, yet risks remain balanced. Fibonacci retracement and extension levels play a crucial role in setting price objectives. Technical analyses indicate that surmounting the resistance at $2.24 could see XRP prices reach levels of $6, $9.50, and even $12. This bullish scenario gains further credibility as strong support levels hold. However, investors must remain vigilant against increasing trading volumes and potential exchange transfers.
Overall, long-term expectations for XRP remain positive. The optimistic outlook, supported by technical data, combines with ETF expectations to create a strong potential. Analysts emphasize that maintaining support levels will pave the way for prices to steadily reach new targets.