XRP price set to rally as ETF approval chances climb to 85% — could a breakout to record highs be imminent?
XRP (XRP) has climbed nearly 5% over the past month as the broader crypto market rebounds from its annual lows.
Investor interest in the token is on the rise, with open interest jumping from $3 billion to $4 billion—a 33% increase in just one week.
Adding to the bullish sentiment, a well-known pseudonymous analyst, The Cryptonomist—who boasts nearly 138,000 followers on X—recently projected that XRP could rally to $2.50 following a successful retest of a key trend line support.
However, this projection may be modest compared to the market’s broader expectations should the U.S. Securities and Exchange Commission (SEC) approve an XRP-based exchange-traded fund (ETF).
Eric Balchunas, an ETF expert at Bloomberg, recently revealed that the chances of approval have risen to 85% this year. Seven asset management firms, including Grayscale, Canary, and Bitwise, have submitted applications for an XRP-linked investment product.
XRP Could Rise to $3.2 After Bullish Breakout
On the daily chart, XRP continues to trade above its 200-day exponential moving average (EMA), indicating that its upward trend is still intact, despite the recent weakness in the crypto market.
The price recently surged above the 21-day EMA with strong trading volumes, signaling that the token’s short-term outlook has shifted to a bullish trend.
Based on the size of the price channel XRP recently broke through, this bullish breakout suggests a short-term target of $3.20 for the token, offering a 45.5% upside potential from current prices.
Market sentiment has improved notably in recent weeks, with the Fear and Greed Index rising from a record low of 15 (Extreme Fear) to 52 (Neutral outlook). Going forward, the 21-day and 200-day EMA will be key support levels to monitor.
While it may take some time for XRP to experience a 10X increase, the approval of an ETF is expected to drive the price to new all-time highs, potentially doubling XRP’s value from its current level once these investment products are approved.
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MIND of Pepe (MIND) Presale Will End Soon – Don’t Miss Out
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The MIND of Pepe agent is designed to build influence by engaging with prominent social media accounts focused on the crypto market. Through these interactions, MIND of Pepe will gather valuable insights and identify potential opportunities, which will be exclusively shared with $MIND holders.
As the agent expands its influence, it will also have the ability to launch its own meme coins to tap into emerging social trends. $MIND holders will receive VIP access to presale events for these new tokens, giving them the opportunity to secure the highest returns before they are made available to the public.
To purchase $MIND before the presale ends, visit the MIND of Pepe website and connect your wallet (e.g., Best Wallet). You can invest using USDT, ETH, or a bank card.
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