Key Takeaways:
The XRP price dropped by 5% in the past 24 hours as US GDP data showed an economic backward.
However, a strengthening of the market structure and the growing hope of investors for a approved XRP ETF in the United States suggests that Altcoin can revisit the climax of April for $ 2.36 in a short time.
Technical charts are currently showing XRP (XRP) trading within a falling wedge pattern. A “falling wedge” is a bullish reversal pattern consisting of two converting lines of trend lines that connect the lower lows and lower highs. This scene indicates the weakening of the descending momentum.
The pattern is resolved when the price breaks above the upper trend to $ 2.40, and if this happens, consumers can target $ 3.74 to the next, representing a 71% increase from the current price.
The Kamag -child Index Index (RSI) is at the top of the midline, indicating that market conditions are still favorable.
However, in order to maintain continued recovery, the price of XRP will have to hold support for $ 2.20 first and then overcome the resistance between $ 2.80 and $ 3.00.
Many analysts remain optimistic about Altcoin's ability to rebound at all times high, with popular Dark Defender's famous businessman saying That the ongoing correction is part of an Elliott's wave pattern that will eventually see “XRP to continue as it climbs to the top.”
Both entrepreneurs allincrypto believe XRP is “towards $ 19.27” based on a breakout from a falling wedge pattern.
“Where we are pulling back the book -study is perfect, and that we are highlighting a falling wedge present at the XRP that will eventually just go for a continuation of $ 19.27.”
Related: What are XRP futures and how to invest in them?
The odds of approval for a approved XRP ETF in 2025 increase
Bloomberg senior etf analysts Says That five seats XRP ETF, including Grayscale, 21shares, Wisdomtree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approved after a change in leadership in the US Securities and Exchange Commission (SEC).
This is a significant improvement from their prediction within two months ago that sets the chances of an approval of XRP in 2025 to 65%.
Similarly, the betting ODDs for a approved XRP ETF By December 31 today stood at 80% in Polymarket. Last week, the possibility of approved was a 17% in favor of the mass mass, which was around 63% on April 23.
Meanwhile, on April 29, the SEC postponed its decision to Franklin Templeton's Spot XRP ETF, which sets a new examination deadline on June 17.
Approval of these ETFs can unlock institutional capital, strengthening demand for XRP. While approved times remain unclear, they will discuss a step toward the mainstream adoption for XRP.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
