Analysis of the current status of the cryptocurrency XRP and its forecast based on various factors, including structural models and anticipated ETFs.
Structural Analysis and Predictions for XRP
Macro strategist Gert van Lagen says XRP has completed a critical structural step and is 'ready to rip,' pointing to a completed retest of a seven-year double-bottom breakout. This classic bullish reversal formation indicates a shift from a downtrend to an uptrend. Van Lagen notes that prolonged formations often precede significant price movements. His target of $34 is derived from the 2.00 Fibonacci extension of the double bottom pattern.
Advantages of XRP ETFs Over Ethereum
Steven McClurg, CEO of Canary Capital, forecasts that XRP exchange-traded funds (ETFs) could outperform Ethereum (ETH) ETFs upon their market debut. This prediction gains traction following the U.S. Securities and Exchange Commission's (SEC) conclusion of its lawsuit against Ripple, which had cast uncertainty over XRP's regulatory status. The absence of staking income for XRP makes its ETFs more attractive compared to the staking rewards offered by ETH.
Regulatory Changes and Market Optimism
The SEC's dismissal of its lawsuit against Ripple significantly reduced regulatory uncertainties surrounding XRP. Prediction platform Polymarket now places the odds of an XRP ETF approval in 2025 at over 88%, a sharp increase from 53% the previous week. Bloomberg analysts have further raised these odds to approximately 95%. Canary Capital, which has filed for an XRP ETF, is optimistic about launching the product before the end of the year.
With the resolution of legal challenges and a favorable yield structure, XRP ETFs are poised to capture investor interest. Predictions underscore the potential for XRP to reach $34, further emphasizing its market resilience.
