Key Takeaways
- XRP price breakout from an inverted head-and-shoulders pattern as price aims for $3.
- Crypto experts turn bullish following the recent market spike for XRP as the price aims to rally higher.
- XRP ETFs’ approval in the coming weeks could influence its price to $5 despite speculation of a $100 potential.
The approval of ProShares XRP ETFs in the U.S. is beginning to gain more traction and attention in the crypto space, leading to a 7% spike for XRP in the last few hours. The news of more ETF approvals in the coming weeks could impact the price of XRP to the upside, creating a surge as the price attempts a breakout above $3.
Although the SEC’s recent approval was for XRP ETF futures and not spot, there is speculation that the XRP spot will soon gain approval, with the U.S. SEC planning a meeting. If the XRP spot ETF is approved, we could see some great price action to the upside as institutions would be involved in gaining exposure to crypto assets.
The news in the XRP ecosystem has been bullish. Much fundamental news favours crypto assets despite a lag in its price rally to the upside in the last few weeks. It’s just a matter of time before we see the price of XRP hit a new all-time high of around $5.
The recent price action of XRP has led to speculation by top crypto experts and on-chain analyst Ali Martinez, suggesting the price of XRP could be ready for a major price rally following a recent breakout from a prolonged bearish trend.
Market Reaction – Is XRP A Good Investment Now?
Ali Martinez, an on-chain crypto analyst on his X account, has identified an inverted bullish head-and-shoulder pattern for XRP following a recent price trend towards a high of $2.33. The crypto expert believes XRP could see its price rally towards $2.9 to $3, as other crypto experts have identified a clear breakout for XRP from a downtrend.
A breakout for XRP above its psychological level of $3, following more favourable macro news and fundamental analysis favouring its price, could see a strong price rally to the upside of $5 or more for XRP. The price has demonstrated strong resilience to hold its price from breaking lower than its key support zone of $1.6, as the price rebounded strongly to the upside.
If XRP maintains its strong price action and a strong breakout above $3 in the coming weeks, we could see whales, investors, and institutional interest growing in the XRP ecosystem, which would also positively impact its price.
Will XRP Reach $100 – Does XRP Have A Future?
Source – XRP Price Action From Coinmarketcap
While XRP’s rally to $100 looks ambitious for the community, we can never right off the potential XRP has with strong fundamental news in its favour, coupled with big institutional players becoming interested in this crypto asset due to its use case for cross-border payment at low transaction fees.
The price of XRP could hit $100, but not now. The closest target for XRP is $5, which looks more realistic for a short-term target.
