XRP is demonstrating several bullish formations that could indicate a market rebound. This article examines current trends and factors influencing the cryptocurrency's price.
Bullish Patterns on XRP Charts
On the daily chart, XRP is forming several bullish patterns suggesting potential price recovery. A falling wedge that began developing after July's peak is nearing completion, often preceding upward moves. Additionally, a bullish pennant structure is evident, while a larger cup-and-handle pattern hints at long-term upside.
ETF Approvals Could Change the Game
One of the key catalysts that may impact the market in the near term is the SEC's review of XRP ETF applications. Currently, eleven applications are under review, with deadlines arriving in October. Among the applicants are major players like WisdomTree and Franklin Templeton. The approaching deadlines are expected to trigger speculative inflows, and actual approval may lead to significant investments into the asset.
Increasing XRP Ledger Use for Real Assets
Beyond speculation, fundamentals are strengthening. The XRP Ledger is emerging as one of the fastest-growing blockchains for real-world asset (RWA) tokenization. Recent data shows a 25% increase in tokenized assets over the past month. Projects like VERT Capital’s $115 million fund, alongside initiatives from OpenEden and Ondo, highlight the growing interest in XRP Ledger's infrastructure within institutional finance.
With bullish chart setups, ETF speculation, rising RWA activity, and RLUSD adoption, XRP may be poised for a significant rise. The potential to reach $5 appears realistic.
