Ripple’s native token, XRP, has stunned the market with its meteoric rise, fueled by optimism surrounding WisdomTree’s ETF application and bullish market momentum.
This development bolsters an already extremely strong start to the bull run, with an abrupt 435% monthly gain shattering XRP price projections for the altcoin.
As fundamentals build in its favor, XRP seems poised to be a bull market mainstay rolling into 2025.
The near term does present some challenges, though.
Particularly as a major decline saw much of today’s growth slashed, leaving just a 2.21% increase, a massive 26% surge in trading volume hints towards a sell-off.
WisdomTree Pushes for ETF Approval: Could It Be Approved?
Investment firm WisdomTree has become the latest participant in the push for an XRP ETF with their recent application, joining the likes of Bitwise and Canary Capital.
The approval, of which, could expose XRP to traditional investment markets and lead to significant inflows.
The filing comes as Ripple Labs continues its legal battle with the SEC over XRP’s regulatory status, leaving the approval of such products uncertain.
However, industry analysts speculate that SEC Chair Gary Gensler’s expected resignation could pave the way for a more favorable regulatory environment, potentially easing the path for XRP-based ETFs under new leadership.
XRP Price Analysis: Will Prices Double Again?
While today’s reversal could just be a hiccup, the asset shows signs of exhaustion, with the weekly Relative Strength Index (RSI) deep within overbought territory at 90.
A correction seems like a natural and healthy next step to find more stable footing for the next leg up, particularly as the formation of an ascending broadening wedge suggests a continuation of the recent rally.
XRP / USDT 4H chart, ascending broadening wedge pattern. Source: Binance.
The lower support trendline of the pattern seems a credible local bottom for a correction, aligning with the support zone between $1.9621 and $1.8282.
From there, the XRP price can reaffirm its path toward a retest of the pattern’s upper boundary, approaching it’s past $3.85 all-time high – a 60% increase from current prices.
However, a 2x and a $5 valuation seem much more likely heading into 2025, especially with the potential approval of an XRP ETF.
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