The price of XRP has shown signs of recovery after a 13% drop year-to-date. Technical analysis indicates a possible bullish breakout.
Current Market Situation of XRP
XRP's price is currently in correction after falling 13% from its year-to-date high. Technical analysis shows that the coin has been forming a bullish cup-and-handle pattern. The upper side of the cup is at $3.40, while the lower side is at $1.6135, established in February. XRP has completed the cup section and is now in the handle phase, which increases the likelihood of a breakout. If the price moves above the $3.65 level, it could open the path to the psychological mark of $5. Bullish sentiment is supported by the price staying above the 50-day and 100-day exponential moving averages.
State of the XRP Ledger
The XRP Ledger is showing positive dynamics with total value locked increasing by 16% in the last month to $85 million. The amount of stablecoins in the network has risen to over $167 million, most of which are Ripple USD (RLUSD). Activity in the XRP Ledger is expected to increase following Ripple's implementation of Hidden Road transactions.
Likelihood of XRP ETF Approval
There are expectations that the Securities and Exchange Commission may approve many or all pending XRP ETF applications. Such approval could lead to billions of dollars in inflows later this year or in 2025, increasing overall interest from institutional investors.
Despite the current correction, technical indicators and the growing activity of the XRP Ledger support an optimistic view for the future of XRP. ETF approval may further enhance interest in XRP in the market.
