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As XRP hovers near critical support levels, crypto analysts are eyeing a potential breakout that could send the token soaring. According to Casitrades, XRP is completing Wave 2 of its Elliott Wave cycle—a signal that could mark the beginning of a bullish reversal. If confirmed, the next leg could drive XRP to $6 and beyond.
Currently trading around $2.08, XRP is consolidating between support at $1.90 and $1.55, both of which have held firm in recent weeks. Casitrades points to $2.24 as the key resistance to watch. A break and hold above this level, which aligns with the 0.382 Fibonacci retracement, could set the stage for a rally toward $6, and possibly even $9.50 or $12, based on the 1.618 Fibonacci extension.
Technical indicators are already showing bullish signals. The MACD line has crossed above the signal line, and the histogram has turned green—typically a precursor to increased buying pressure. Meanwhile, the Relative Strength Index (RSI) sits mid-range, suggesting more room for upward momentum.
Analyst EGRAG CRYPTO adds that a full-bodied weekly candle above $2.25 could confirm a reversal, opening the door to targets at $2.51 and $2.60. However, caution remains, with over 55 million XRP recently moved to exchanges—a signal of potential short-term volatility.
Also Read: Crypto Market Today : XRP Lawsuit, SOL Pushes Ahead, BTC Eyes $85K, Canada Inflation Falls
Investor optimism is also being fueled by growing speculation around a potential XRP ETF. JPMorgan analysts estimate that an approved Ripple ETF could attract over $8 billion in institutional capital. Some, like Zach Realtor, suggest it could push XRP toward the $15 mark, boosting its market cap to $1.8 trillion.
In a promising sign, Teucrium’s newly launched leveraged XRP ETF has already amassed $27 million in assets. With the SEC’s decision on Grayscale’s XRP ETF filing due by May 22, all eyes are on regulatory developments that could ignite XRP’s next major rally.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
