XRP price set for 48% jump as spot ETF reality draws closer

XRP’s price shows a potential bullish reversal, indicated by a falling wedge pattern on its daily chart. This pattern, characterized by converging trend lines connecting lower highs and lower lows, suggests weakening downward momentum. A breakout above the upper trendline, currently around $2.42, could propel XRP to a target price of $3.40—a 48% increase. This projection is supported by the rising Relative Strength Index (RSI), which has climbed from 31 to 47, signifying growing bullish momentum. However, sustaining this upward trajectory requires holding the $2.20 support level and overcoming resistance between $2.60 and $2.80.

Analyst sentiment is generally optimistic. One trader, Cryptowzrd, anticipates a breakout towards $2.90 upon wedge validation, potentially leading to a new all-time high after clearing the $2.80 resistance. Another key factor influencing XRP’s price is the SEC’s review of WisdomTree’s spot XRP ETF application. This application, if approved, would be the first spot XRP ETF in the U.S., offering traditional brokerage account access to XRP without the need for private keys.

The SEC’s review process, including a 21-day public comment period and a 240-day review timeline, focuses on market manipulation and investor protection concerns. The CME CF Ripple-Dollar Reference Rate will be used to track XRP’s price within the ETF. Market odds for ETF approval by December 31st currently stand at 84% on Polymarket, a significant increase from 63% in April. Bloomberg analysts similarly predict an 85% chance of approval. Successful ETF approval could unlock substantial institutional investment, potentially driving XRP’s price significantly higher, with some analysts forecasting prices as high as $50 if major players like BlackRock enter the market. However, it’s crucial to remember that all investment decisions involve risk, and conducting thorough research is essential before making any trading decisions.