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In line with the broader cryptocurrency market’s recent upswing, the XRP price has captured attention with one of its largest weekly candles of the year, soaring over 14% in the past week and pushing the altcoin just above the $3 mark.
This performance positions XRP just 15% shy of its all-time high, making it one of the standout performers in the crypto space, trailing only Ethereum (ETH), Binance Coin (BNB), and Solana (SOL), which saw price increases of 16%, 23%, and 21%, respectively over the same time frame.
XRP Price Analysis
Back in July of this year, the XRP price reached its peak of $3.66, but subsequent market corrections saw the token drop to as low as $2.70. Since then, attempts to recover have faced challenges, particularly with a key resistance level at $3.10 that has thwarted upward movements since August.
This struggle has led to the formation of a falling wedge pattern on XRP’s daily chart, signaling a potential shift as selling pressure wanes and buying interest rises.
Market expert Lark Davis recently shared his insights on social media platform X (formerly Twitter), suggesting that if the XRP price can maintain momentum, it could target around $4, indicating a potential rally of approximately 33%.
However, this bullish outlook hinges on XRP’s ability to consolidate above the $3 threshold, which would serve as confirmation of a breakout from the bullish pattern and pave the way for further price recoveries.
Will ETF Approvals Propel Prices Higher?
Contrasting Davis’ optimistic view, market analyst Ali Martinez expressed skepticism, arguing that while a breakout may occur, it might only lead to a price target of $3.60, essentially retesting previous highs rather than achieving new records.
Despite differing opinions, the general sentiment leans towards potential upside, bolstered by the anticipation of exchange-traded funds (ETFs) that may soon gain approval from the US Securities and Exchange Commission (SEC) for investing in XRP.
Leading analyst Crypto King highlighted the involvement of prominent names in the industry, with fund sizes ranging from $200 million to $1.5 trillion. He posited that the approval of even a single ETF could usher in a wave of institutional investment into XRP, significantly affecting its price trajectory.
While the prospect of institutional money entering the XRP market is enticing, it remains to be seen whether these funds will have a substantial impact on the XRP price, particularly given the precedent set by similar investments in Bitcoin (BTC) and Ethereum in 2024 following their own regulatory approvals.
Featured image from DALL-E, chart from TradingView.com
