The recent rally in XRP price has stalled; however, technical analysis and bullish patterns suggest a potential rise to $5 in the near future.
Technical Analysis of XRP Price
Currently, XRP is trading at $3.4, which is a slight decline from the year-to-date high of $3.65. Analysis shows the presence of four bullish chart patterns:
* Golden Cross * Bullish Flag * Cup and Handle * Bullish Pennant
On the daily chart, a golden cross pattern was formed on July 11 as the 50-day moving average crossed above the 200-day one, indicating possible further gains.
Key Catalysts for Growth
Several factors may contribute to XRP price growth. The likelihood of XRP ETF approval currently stands above 80%. Furthermore, the recently launched Teucrium 2X XRP ETF has gained over $500 million in assets within three months.
Additionally, the XRP Ledger is gaining market share in the DeFi sector, with its total value locked increasing by 72% over the past 30 days. The recently passed GENIUS Act is expected to streamline stablecoin operations, beneficial for Ripple.
Conclusions and Forecasts
Despite the recent halt in XRP price growth, the technical analysis and positive news provide a strong basis for potential future increases. If current trends continue, XRP may very well reach price levels around $5.
Thus, while the recent price growth in XRP may have slowed, existing bullish patterns and encouraging news create a foundation for future price increases.
