Analysts predict that the price of XRP, affiliated with Ripple, could reach $14 if the technical structure mirrors that observed in 2017.
Current Technical Setup of XRP
XRP has remained below the $3 mark since early February. A fog of uncertainty hangs over risk assets, including cryptocurrencies, creating a backdrop for potential growth. According to popular analyst Mikybull, XRP could rebound based on its previous dynamics from 2017. In a June 16 post, he noted that XRP's three-week performance aligns with the 2017 pattern, where a breakout from a bull pennant sparked over a 1,200% surge.
Bullish Fundamentals Support Growth
The technical setup for XRP's upside is further supported by fundamental data, including speculation surrounding the launch of a spot XRP ETF. As reported, the Purpose XRP ETF, with ticker XRPP, is set to begin trading on the Toronto Stock Exchange on June 18. Meanwhile, similar funds are awaiting approval from the U.S. Securities and Exchange Commission. Additionally, the number of whale wallets holding significant amounts of XRP has notably increased.
Market and Investor Activity
Currently, the number of active XRP addresses has averaged over 295,000 per day in the past week, significantly higher than the range of 35,000 to 40,000 seen over the last three months. These figures indicate a growing interest and activity from investors in the XRP market.
If the current technical structure and fundamentals contribute positively to XRP's dynamics, a move towards the $14 level is possible. This emphasizes the increasing interest from both institutional and retail investors.
