XRP price set for 48% jump as spot ETF reality draws closer
Key takeaways:XRP’s falling wedge pattern signals a bullish reversal; 48% price surge potential.SEC’s review of WisdomTree’s XRP ETF could spark investor interest as approval odds jump to 84% on Polymarket. XRP price is forming a falling wedge pattern on the daily chart, a technical chart formation associated with strong bullish momentum following an upward breakout. Could this technical setup, coupled with the SEC’s review of a spot XRP ETF application by WisdomTree, signal the start of a rally to $3.40 and higher?XRP falling wedge pattern targets $3.40From a technical perspective, XRP (XRP) price could gain significant momentum if it breaks out of this falling wedge pattern.In technical analysis, a falling wedge is a bullish reversal chart pattern that comprises two converging trend lines that connect lower highs and lower lows. This convergence indicates a weakening downward momentum. XRP price is currently retesting the resistance provided by the upper trendline of the wedge at $2.42. A break above this level will likely trigger a quick rise in price, with the bulls targeting the technical target of the wedge at $3.40, a 48% increase from current prices.XRP/USD daily chart. Source: Cointelegraph/TradingViewThe relative strength index (RSI) has climbed to 47 from 31 on April 8, indicating that bullish momentum is building up.However, to sustain the ongoing recovery, XRP’s price has to first hold the support at $2.20 and then overcome the resistance between $2.60 and $2.80.Several analysts are optimistic about a rebound higher, with pseudonymous trader Cryptowzrd saying that a validation of a falling wedge could see XRP break out toward $2.90.“$XRP closed indecisively and is still maintaining a falling wedge formation,” the trader wrote in a May 28 post on X, adding: “A breakout of this wedge will push markets toward the $2.80 resistance. Above that resistance, we will eventually get to a new all-time high.”XRP/USD daily chart. Source: CryptowzrdAs Cointelegraph reported, XRP price must first break the key $2.48 resistance level to clear the path toward higher highs.Spot XRP ETFs coming?The US Securities and Exchange Commission (SEC) has officially started reviewing the spot exchange-traded fund (ETF) application by the WisdomTree XRP Trust, which would provide investors with exposure to XRP.
Key takeaways:
XRP’s falling wedge pattern signals a bullish reversal; 48% price surge potential.
SEC’s review of WisdomTree’s XRP ETF could spark investor interest as approval odds jump to 84% on Polymarket.
XRP price is forming a falling wedge pattern on the daily chart, a technical chart formation associated with strong bullish momentum following an upward breakout. Could this technical setup, coupled with the SEC’s review of a spot XRP ETF application by WisdomTree, signal the start of a rally to $3.40 and higher?
XRP falling wedge pattern targets $3.40
From a technical perspective, XRP (XRP) price could gain significant momentum if it breaks out of this falling wedge pattern.
In technical analysis, a falling wedge is a bullish reversal chart pattern that comprises two converging trend lines that connect lower highs and lower lows. This convergence indicates a weakening downward momentum.
XRP price is currently retesting the resistance provided by the upper trendline of the wedge at $2.42. A break above this level will likely trigger a quick rise in price, with the bulls targeting the technical target of the wedge at $3.40, a 48% increase from current prices.
The relative strength index (RSI) has climbed to 47 from 31 on April 8, indicating that bullish momentum is building up.
However, to sustain the ongoing recovery, XRP’s price has to first hold the support at $2.20 and then overcome the resistance between $2.60 and $2.80.
Several analysts are optimistic about a rebound higher, with pseudonymous trader Cryptowzrd saying that a validation of a falling wedge could see XRP break out toward $2.90.
“$XRP closed indecisively and is still maintaining a falling wedge formation,” the trader wrote in a May 28 post on X, adding:
“A breakout of this wedge will push markets toward the $2.80 resistance. Above that resistance, we will eventually get to a new all-time high.”
As Cointelegraph reported, XRP price must first break the key $2.48 resistance level to clear the path toward higher highs.
Spot XRP ETFs coming?
The US Securities and Exchange Commission (SEC) has officially started reviewing the spot exchange-traded fund (ETF) application by the WisdomTree XRP Trust, which would provide investors with exposure to XRP.
