Recent news shows that the possibility of Ripple ETF approval has risen to 87%, which has attracted widespread follow in the Crypto Assets market. XRP is currently hovering around $2.80, successfully maintaining this important support level multiple times.
From a technical analysis perspective, XRP is forming a cup and handle pattern, which is viewed as a bullish signal. Currently, $3.20 has become a short-term breakout point, while $3.55 is a more critical neck level. If XRP can break through $3.55, it is likely to activate this pattern and open up a rising channel towards $6.
Various technical indicators are also showing positive signals. The Relative Strength Index ( RSI ) is around 42, indicating that selling pressure is weakening, but the market has not yet reached an oversold condition. At the same time, the narrowing of the Bollinger Bands suggests that a significant market movement may be on the way.
From a fundamental perspective, the U.S. Securities and Exchange Commission ( SEC ) is reviewing 11 applications for XRP ETFs, and October will be a critical time point. If approved, it is expected that institutional funds could flow in up to $5 billion in the first month. This expectation has significantly boosted market sentiment.
Overall, the short-term trend of XRP depends on whether it can hold the support level of $2.80. If successful, there will be a chance to challenge $3.20, and then push for $3.55. In the medium term, once it breaks through $3.55, the US market pattern will be activated, and $6 will become the next important target.
It is worth noting that even though the SEC has not made a final ruling, the expectation of ETF approval remains the biggest catalyst driving the price of XRP. This optimism is likely to support XRP in maintaining stability at high levels. Investors should closely follow relevant developments while carefully assessing risks.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
14 Likes
Reward
14
5
Repost
Share
Comment
0/400
GateUser-d1001248
· 09-03 14:13
go go go go go go go
Reply0
KissTheBallSwell
· 09-03 06:56
马上To da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moonTo da moon
View OriginalReply0
JailbreakBunny
· 09-03 04:00
Fourth Master, the RATS have been really strong lately. Are they going to da moon?
Recent news shows that the possibility of Ripple ETF approval has risen to 87%, which has attracted widespread follow in the Crypto Assets market. XRP is currently hovering around $2.80, successfully maintaining this important support level multiple times.
From a technical analysis perspective, XRP is forming a cup and handle pattern, which is viewed as a bullish signal. Currently, $3.20 has become a short-term breakout point, while $3.55 is a more critical neck level. If XRP can break through $3.55, it is likely to activate this pattern and open up a rising channel towards $6.
Various technical indicators are also showing positive signals. The Relative Strength Index ( RSI ) is around 42, indicating that selling pressure is weakening, but the market has not yet reached an oversold condition. At the same time, the narrowing of the Bollinger Bands suggests that a significant market movement may be on the way.
From a fundamental perspective, the U.S. Securities and Exchange Commission ( SEC ) is reviewing 11 applications for XRP ETFs, and October will be a critical time point. If approved, it is expected that institutional funds could flow in up to $5 billion in the first month. This expectation has significantly boosted market sentiment.
Overall, the short-term trend of XRP depends on whether it can hold the support level of $2.80. If successful, there will be a chance to challenge $3.20, and then push for $3.55. In the medium term, once it breaks through $3.55, the US market pattern will be activated, and $6 will become the next important target.
It is worth noting that even though the SEC has not made a final ruling, the expectation of ETF approval remains the biggest catalyst driving the price of XRP. This optimism is likely to support XRP in maintaining stability at high levels. Investors should closely follow relevant developments while carefully assessing risks.