The cryptocurrency XRP shows signs of a possible breakout, drawing traders' attention. Analysis of its current state and future predictions.
XRP in a Bullish Triangle
Crypto analyst Captain Faibik claims that XRP could rise to $4.60 if the price rally continues. In his recent tweet, he shared a chart showing XRP stuck inside a large triangle. For months, the price has been bouncing between the top and bottom lines of this triangle, building up pressure for a significant move.
Odds for XRP ETF Approval
Recent news about a potential resolution in Ripple's lawsuit with the SEC has boosted hopes for XRP ETF approval. According to prediction platform Polymarket, the chances of approval by the SEC now stand at an impressive 95%. Captain Faibik believes such bullish news could give XRP the push it needs to break through its strong resistance level.
Risks and Potential Declines
While optimism is present, nothing is guaranteed in cryptocurrency. If XRP fails to breakout, the triangle could become a trap for bulls, causing the price to move sideways or drop. The first support level on the downside is around $2, with stronger support near $1.74.
XRP stands at a crossroads, with future price movements largely dependent on market news and activity. Upcoming events could significantly impact asset prices.
