Key takeaways:
- XRP ETF approval odds rise to 85% following a SEC leadership change.
- Analysts predict XRP could rise to new all-time highs again in 2025.
While XRP’s price recently dipped by 5% over the past 24 hours due to US GDP data reflecting a contracting economy, the prevailing market sentiment remains bullish. A strengthening market structure, coupled with growing optimism around a potential spot XRP ETF approval in the United States, may lead the altcoin to revisit its April peak at $2.36 in the near term.
Technical analysis indicates that XRP (XRP) is forming a bullish reversal pattern known as a “falling wedge.” This pattern consists of two converging trend lines connecting lower highs and lower lows, signaling that downward momentum is weakening. A breakout above the upper trendline at $2.40 could signal additional buy interest, potentially targeting a price of $3.74—an impressive 71% increase from current levels.
The relative strength index (RSI) is currently above the midline, suggesting favorable conditions for an upward momentum. Nevertheless, for a prolonged recovery, XRP must maintain support at $2.20 and overcome resistance found between $2.80 and $3.00.
Many analysts are optimistic about XRP’s trajectory, believing it could reach new all-time highs. Popular trader Dark Defender has suggested that the current corrective phase is a component of an Elliott Wave pattern that will ultimately propel XRP higher. Similarly, fellow trader Allincrypto posited that XRP could reach as high as $19.27 following a breakout from the aforementioned falling wedge pattern.
“Where we are pulling back is textbook perfect, and we had highlighted a falling wedge that was present on XRP that ultimately was just going for a continuation to $19.27.”
Related: What are XRP futures and how to invest in them?
Approval Odds for an XRP ETF in 2025
According to Bloomberg’s senior ETF analysts, the approval odds for the five proposed spot XRP ETFs—including those by Grayscale, 21Shares, WisdomTree, Bitwise, and Franklin Templeton—have climbed to 85% following recent changes in leadership at the US Securities and Exchange Commission (SEC). This marks a significant increase from just over two months ago when the likelihood was estimated at 65%.
Additionally, betting odds on platforms like Polymarket reflect an 80% chance of XRP ETF approval by the end of December. Over the past week, these odds have swung 17% toward the bullish outlook, indicating a rising confidence in market sentiment.
On April 29, the SEC postponed its decision on Franklin Templeton’s application for a spot XRP ETF, which now has a review deadline set for June 17. Approval of these ETFs could encourage institutional investment, thereby amplifying demand for XRP and paving the way for mainstream adoption.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
