Crypto enthusiasts are buzzing today as Ripple CEO Brad Garlinghouse hints at a potential breakthrough for the cryptocurrency. With the SEC giving the green light to Ethereum spot ETFs, speculation is growing that an XRP ETF could be next. This news has given XRP holders plenty of reasons to celebrate.
Could this be the moment XRP investors have been waiting for? Let’s take a closer look at the latest price movements and what they mean for the future of XRP.
Despite some positive developments, XRP is currently trading at $0.5191, down 2% today. However, it’s holding steady within an upward trend known as a symmetrical triangle pattern. The goal is to break past the Fibonacci 0.382 level at $0.5303, with an immediate target of $0.55.
Adding to the optimism, large XRP holders have been accumulating tokens since April, with addresses holding between 10 million and 100 million XRP acquiring a significant 460 million tokens.
Market analyst JT, with 25 years of experience, predicts a significant move for XRP before November. He notes that XRP has been following a symmetrical triangle pattern since April 2021, reaching a high of $1.96 before experiencing a brief dip in June 2022. Since then, it’s been on the rise, encountering resistance at $0.93 in July 2023 and $0.7449 in March 2024.
Technicals in Focus
JT expects XRP to break out of this pattern before November, marking the end of a trend lasting over 25 months. He points to a decreasing MACD signal on the 2-month chart since April 2021, suggesting a bullish crossover and upward movement as XRP approaches the triangle’s apex. While JT doesn’t provide specific price targets, other analysts have made bold predictions.
Casi believes XRP could break out of its 6-year consolidation phase with targets ranging between $8 and $13, while EGRAG sees potential for even higher prices, with goals as lofty as $66.
Despite a recent dip in price, XRP is well-positioned for a potential rally. The anticipated breakout from the symmetrical triangle, combined with ongoing accumulation by large holders, could lead to significant price gains in the months ahead.
Meanwhile, in regulatory news, the US House of Representatives recently passed the FIT21 Bill, a step toward clearer regulations for digital assets. This is positive news for all cryptocurrencies, including XRP, and could lead to increased adoption and investor confidence.
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