XRP remains trapped within the price range of $2.00 and $2.35, creating uncertainty in the market. Analysts are considering the potential ETF approval and its influence on price movements.
Current Market Situation for XRP
Currently, XRP is locked in a sideways trend between support at $2.00 and resistance at $2.35. Recent attempts to push higher have been met with strong selling pressure. The price is hovering around the 20-day exponential moving average at $2.17. If bullish momentum resumes, another test of the $2.35 barrier could occur. However, if the price falls below $2.06 or $2.00, there is a risk of a sharp drop to $1.61 or lower.
Market Direction: The ETF and Its Significance
According to Bloomberg analysts, the odds of ETF approval related to XRP stand at 95%. Data from Polymarket also supports this optimism, indicating an 88% probability. Despite potential approval, historical trends show that price changes often lag behind. XRP is already part of Grayscale's Digital Large Cap Fund, which has been approved for ETF conversion, but a dedicated ETF for XRP is still yet to emerge, maintaining room for speculation and volatility.
Chart Patterns and Predictions
Some analysts, such as Mikybull Crypto, suggest that XRP is 'coiling up' for a potential breakout. If the $2.35 resistance is breached, targets as high as $2.65, $2.76, or even $3.35 could be on the table. However, technical charts also reveal a descending triangle pattern, which typically a bearish formation. If XRP cannot break above the ceiling soon and key support levels like $2.00 collapse, it could spiral down toward $1.61 or lower.
XRP is at a significant crossroads. Expectations regarding ETF approval and current technical conditions could lead either to a breakout or further bearish sentiment. Monitoring price action over the coming weeks will be crucial to assessing potential opportunities.
