What to Know:
- XRP’s macro outlook remains bullish, with some analysts predicting targets between $10 and $30.
- Potential catalysts include the possible approval of spot XRP ETFs in the United States.
- Technical analysis suggests XRP is consolidating before a potential bullish impulse.
XRP analysts maintain a bullish outlook, projecting targets between $10 and $30 for cycle tops, supported by various market factors. Despite a previous price correction, confidence remains high in XRP’s potential. Technical analysis and upcoming market events contribute to this positive sentiment.
XRP’s price action on the monthly chart indicates consolidation within a symmetrical triangle, signaling a potential bullish move, according to analyst Egrag Crypto. This pattern mirrors previous cycles where price drops create new distribution levels before significant breakouts. If XRP replicates past performance, a substantial price increase is anticipated.
Analyst XForceGlobal notes clear accumulation and a solid price floor on the macro chart after nearly a year of distribution. They anticipate XRP distribution will complete the flat period between Wave 1 and Wave 2 before a substantial upward movement in Wave 3. XForceGlobal maintains a high probability of reaching cycle targets of $15-$30 per XRP.
Several factors could catalyze XRP’s breakout, including potential spot XRP ETF approvals in the U.S. Canary Capital’s XRP ETF is poised to be the first U.S.-based fund to hold XRP, pending SEC approval. The potential influx of capital into spot XRP ETFs could significantly impact XRP’s price.
The combination of technical indicators, potential ETF approvals, and broader market conditions paints a promising picture for XRP. While resistance at $2.80 and profit-taking may present challenges, the overall outlook remains optimistic for substantial gains. Investors should continue to monitor market developments and conduct thorough research.
Source: Original article
