XRP is slowly forming a bullish chart pattern amid rising expectations of a future Ripple ETF approval. Although the price dropped 25% from its peak this year, it remains in a bear market.
Current Market Situation for XRP
Ripple (XRP) is trading at $2.2 after falling 25% from its high for this year. A key driver for renewed interest in XRP is the anticipation of SEC approval of a Ripple ETF by 2025. Companies such as Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted their ETF proposals.
ETF Impact on XRP Value
There is increasing likelihood that giants such as Fidelity, Blackrock, and Ark Invest will file for their XRP ETFs due to their success in Bitcoin and Ether ETFs. Blackrock has accumulated over $52 billion in Bitcoin funds and $3.54 billion in Ethereum. Historically, ETF approval has been a powerful catalyst for rising prices in underlying assets.
XRP Forecast Amid Market Changes
Changes in regulatory policy following Donald Trump’s election victory and Paul Atkins' nomination as SEC chair may pave the way for key ETF approvals in 2024. Should XRP transition into a bull market, the next resistance level to watch will be $2.90.
The potential approval of a Ripple ETF and regulatory changes may foster XRP price growth. Achieving the $2.90 mark will be a pivotal target for market participants, and breaking through this level could lead to further strengthening.
