As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bullish and bearish trends. The current situation with XRP, in my humble opinion, presents an intriguing opportunity for investors.
The price of XRP is gradually shaping a bullish chart pattern known as a pennant, as optimism grows that the Securities and Exchange Commission might endorse a Ripple-backed ETF.
The current value of Ripple (XRP) was at approximately $2.2, having dropped by about 25% from its peak this year. This implies that XRP continues to experience a downward trend, or put simply, it’s still within the bear market phase.
One of the biggest XRP catalysts is the rising optimism that the SEC will approve a spot Ripple ETF in 2025. Companies like Bitwise, Canary Capital, 21Shares, and WisdomTree have already submitted their XRP ETF proposals.
It’s increasingly likely that firms such as Fidelity, Blackrock, and Ark Invest could soon submit applications for an XRP-based ETF, given their track record with Bitcoin and Ether ETFs and the size of their operations. Notably, Blackrock has amassed a staggering $52 billion in Bitcoin funds and over $3.54 billion in Ethereum funds.
If this event occurs, it’s possible that the value of XRP may significantly increase, much like what happened when Bitcoin and Ethereum ETFs were introduced earlier in the year.
As a crypto investor, I’ve been keeping a close eye on Ripple and the potential for an ETF. The optimism grew significantly after Donald Trump secured his win during the general election in November. His subsequent nomination of Paul Atkins to lead the SEC is a move that hints at substantial regulatory changes. Analysts predict a wave of major ETF approvals in 2024, which could potentially be good news for Ripple and other digital assets.
It’s quite possible that the value of XRP may thrive given the increasing popularity and market penetration of the XRP Ledger and the RLUSD stablecoin. Notably, as per CoinMarketCap, the RLUSD has seen a significant growth in its market cap, exceeding $53 million just weeks after its launch.
XRP price forecast
The price of Ripple reached a high of $2.90 in December, but it has since dropped by 25% from its yearly peak. Despite this dip, it still sits above both its 50-day and 100-day Exponential Moving Averages, indicating that the upward trend persists.
To put it simply, the price of XRP is currently in a ‘consolidation phase’ and appears to be shaping like a bullish pennant pattern. This pattern might take several days or weeks to complete. It consists of an upright line, a flagpole, and a symmetrical triangle. The formation of this pennant will be considered valid if the XRP price remains within the boundaries of the two triangular sides.
Given the increasing chances of an ETF approval, it’s quite possible that the XRP token could experience a robust upward trend within the coming weeks. If this bullish movement materializes, the next significant milestone to focus on would be around $2.90 – the highest point this year and approximately 35% above its current price. Breaking through this level could propel it further to $3 and potentially even towards $5.
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2024-12-27 18:44