With recent events suggesting possible price movement, Ripple’s XRP is at a key stage for bullish and bearish traders. Notable crypto experts have examined XRP’s chart and pointed up important technical trends that might indicate next price movement.
Additionally, recent ETF filings have drawn attention, fueling speculation about XRP’s future price trajectory.
Battle Between Bulls and Bears
Analyst EGRAG CRYPTO has shared an analysis of XRP’s chart, emphasizing the ongoing battle of bulls and bears. Per EGRAG, XRP has completed its Wave 1 of 5 and entered the early stages of Wave 3 of 5. This could drive the price toward the $1.3 to $1.5 level.
#XRP Genuine Wake-Up Line (Micro Moves – Lower Time Frame) A closer look at the borders of the GWUL (Genuine Wake-Up Line) reveals an intense battle between the #Bulls and #Bears . The action is heating up, but guess what? The wave count is on our side!… https://t.co/RJoVyM8RiL pic.twitter.com/QcYFFQn0vl
— EGRAG CRYPTO (@egragcrypto) October 1, 2024
The analysis also adds that the present price action stays positive as long as XRP keeps a price higher than $0.62. Based on EGRAG’s wave count, XRP’s next movement most likely will be a push through the $0.75 barrier.
However, traders should anticipate a correction back to $0.75 before another significant rally. This perspective highlights the delicate balance of market sentiment as XRP bulls attempt to overcome bearish pressure.
XRP Spot Volume and Technical Patterns
Another crypto analyst, Cryptoinsightuk, has also weighed in on XRP’s price action. A notable aspect of the analysis is the increased spot volume, indicating strong buying interest. This volume surge, combined with a decrease in open interest (OI), points to the possibility of a short squeeze, which could further boost XRP’s price.
Super interesting price action here for $XRP.Notice the HUGE influx of spot volume.Decrease in OI and funding turning negative.All happening on the support of the Fixed Range Volume.I think $XRP could be about to rally hard if $BTC can hold strong. pic.twitter.com/mqeK1UOKnN
— Cryptoinsightuk (@Cryptoinsightuk) October 2, 2024
Additionally, the funding rate has turned negative, meaning shorts are paying longs, which often precedes bullish price action if prices hold steady or rise.
The XRP chart also shows a strong support level at the current price, as indicated by the fixed range volume profile. This support zone could provide a solid foundation for XRP to rally further, particularly if Bitcoin remains stable.
Bitwise Files for XRP ETF
Just weeks after Grayscale launched its XRP Trust, Bitwise has filed for a spot XRP ETF in another crucial step. The crypto community has been positive to this announcement since it will allow institutional investors to be exposed to XRP.
With many anticipating that an approved ETF could affect XRP’s price, the filing is considered as a good sign for the long-term prospects of the crypto.
The timing of Bitwise’s filing is noteworthy, coming when there’s increased market activity around XRP. With both the Grayscale Trust and the potential for an XRP ETF, these developments might influence the broader market.
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What Lies Ahead for XRP?
As the battle between bulls and bears continues, XRP’s price remains poised for further action. While short-term corrections may occur, the longer-term outlook remains optimistic, particularly if the ETF filing and increased spot volume support sustained buying pressure.
For now, traders and investors are watching key price levels, with $0.75 being a crucial support and $1.3 to $1.5 representing potential upside targets.
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The post Ripple Bulls and Bears Battle: XRP Price Could Hit $1.5 Amid ETFs News, But Here’s the Catch appeared first on CaptainAltcoin.
