XRP Price Projection If Spot ETF Approved in the US Read CoinChapter.com on Google News
NAIROBI (CoinChapter.com) — Ripple CEO Brad Garlinghouse suggested the possibility of an XRP ETF during a recent Fox Business interview. Garlinghouse mentioned that an XRP ETF could materialize by 2025, and he highlighted the potential for multiple crypto ETFs beyond Bitcoin and Ethereum.
Garlinghouse suggested that the introduction of an XRP ETF would open the door for many other crypto ETFs beyond Bitcoin and Ethereum. Crypto expert Anthony Pompliano echoed this sentiment, stating that “old coins will come to Wall Street.“
Ripple XRP Giant Symmetrical Triangle Breakout Imminent
Since 2017, it has traded within a symmetrical triangle pattern defined by descending trendline resistance and ascending trendline support. This setup typically precedes significant price movements, with the potential for a breakout becoming increasingly likely.
XRP/USD 1-week price chart. Source: TradingView
As of July 24, the XRP USD price was showing signs of a pullback after failing to breach the upper trendline of a symmetrical triangle formation. The current price stands at $0.6297, reflecting a 4.56% increase.
The cross of the 50-day and 200-day exponential moving averages (EMA) indicates potential upward momentum. If the price breaks out from the symmetrical triangle, the immediate target is $1.3.
XRP/USD 1-month price chart. Source: Dark Defender
Independent analyst Dark suggests that a major resistance level of $1.3 could be the next hurdle. If this level is breached, Dark projects that XRP USD could reach targets as high as $3.5 and ultimately $8.57. This follows bullish Elliott Wave patterns, outlining a highly optimistic long-term outlook for Ripple (XRP).
XRP supply distribution. Source: Ali
On-chain data from Santiment reveals a significant accumulation of XRP by whale cohorts. Analyst Ali, noted that whales bought over 140 million XRP, valued at approximately $84 million, in the last week.
The richest cohort, holding over 1 billion tokens, has shown increased confidence in XRP’s future price potential. This accumulation trend is also noted among other whale cohorts, reflecting a broader market optimism.
Additionally, the relative strength index (RSI) on the weekly chart is rebounding off the 60 level, indicating growing buying pressure. Another analyst, Rarara, highlighted the formation of a golden cross on the weekly XRP chart. The RSI looks robust at around 44.31.
A golden cross often signals the start of a strong upward trend, further bolstering the case for XRP’s bullish prospects.
Potential Catalysts for XRP’s Price Increase
The potential for a pro-crypto U.S. presidential candidate winning the November elections and the likelihood of the Federal Reserve cutting interest rates in September are significant. Additionally, Ripple’s ongoing legal battle with the SEC may conclude in 2024, with signs of a potential settlement emerging.
XRP inflows. Source: Coinshares
Institutional interest in Ripple is rising, with CoinShares data showing XRP-specific funds attracting $20 million in 2024 despite a 5% price decline. This indicates that institutions are buying Ripple at local lows, expecting a price increase later in the year.
Ripple’s CEO stated that Ripple’s XRP-based payment solution will support use and adoption when it opens up for US customers. The launch of Ripple’s stablecoin, RLUSD, on the XRP Ledger and Ethereum blockchains is imminent. Ripple executives, including CEO Garlinghouse and CTO David Schwartz, have highlighted RLUSD’s benefits for XRP.
Another catalyst is the anticipated approval of XRP ETFs in the US, following their availability in Europe. This approval could boost XRP’s value by improving liquidity. Additionally, strong US regulations on cryptocurrencies, expected post-election, may favor XRP due to Ripple’s compliance-first approach.
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