XRP prices dropped by 5% in the last 24 hours, but analysts highlight growth opportunities with increasing ETF approval odds.
XRP Price Drop and Potential Rise
XRP's price fell by 5% in the last 24 hours due to US economic contraction data. However, market structure and growing hopes for XRP ETF approval in the US suggest the altcoin may revisit its peak of $2.36 in the short term. Technical charts indicate XRP is trading within a bullish wedge pattern, which could lead to price gains towards $3.74 upon breaking the upper trendline.
Expectations for XRP ETF Approval
According to Bloomberg's senior ETF analysts, the chances of approval for five XRP ETFs stand at 85% after the change in SEC leadership. This is a significant improvement from an initial prediction of 65% made two months ago. Similarly, the odds on the Polymarket platform for ETF approval are at 80%, showing investor optimism.
Forecast Analysis for XRP's Future
Several analysts express confidence in XRP's potential to reach new all-time highs. One trader stated that the ongoing correction is part of an Elliott Wave pattern, while another predicts XRP will surge to $19.27 based on structural analysis of the chart.
Increasing expectations for ETF approval and technical indicators suggest XRP has the potential for recovery and reaching new heights in the coming years.
