As XRP price approaches key support levels, technical analysts project that the cryptocurrency may be preparing for a breakout. Crypto analyst Casitrades has identified XRP’s position within an Elliott Wave structure, specifically nearing the end of Wave 2. If the pattern completes, XRP may see a bullish reversal that could push the price toward $6. The projection depends on whether XRP can sustain support above $1.90 or $1.55 and break resistance near $2.24.
XRP Price Prepares for Bullish Reversal Toward $6
The XRP price continues its ongoing consolidation phase, which holds above the base marks of $1.90 and $1.55 as it stays within the $2.08 range. According to the technical analysis provided by Casitrades, the zones have proved their stability during recent market combinations. In the Exchange Wave pattern, the existing market structure corresponds to the final part of Wave 2, which indicates a potential price increase.
XRP price has transformed by $2.05 into its most important obstacle to overcome. The market shows resistance at this moment, which also represents the 0.382 Fibonacci retracement level. A bullish trend will become legitimate after $2.05 breaks through with corresponding increased trading volume as the pattern completes its upward movement. Market analysts predict that the product will break through price points at $6, $9.50, and $12 successfully. The analyzed figures from the market adhere to the 1.618 Fibonacci extension, which stands as the traders’ standard way to forecast future price peaks.
XRP Technical Indicators Show Positive Momentum
Several key indicators are showing early signs of bullish momentum. The MACD line now exceeds the signal line, with the histogram displaying a green color. The upward pressure on buying activity increases according to trader behaviors.Trading momentum development appears possible based on current price indices which remain at neutral level according to the Relative Strength Index (RSI).
An essential price point of $2.25 exists in the weekly chart per analyst EGRAG CRYPTO. A bullish market reversal will occur when a candle with a full body climbs above this defining price point. He explained, “A sustained position above $2.25 will indicate the bottom is in and shift momentum.” If that occurs, XRP could move to $2.51 and $2.60 before targeting higher zones.
However, caution is advised. A large number of 55 million XRP tokens moved to cryptocurrency trading platforms recently. The upcoming selling pressure appears to be indicated through these recent transfers, while investors and analysts maintain a positive long-term outlook.
XRP ETF Approval Could Push Price Higher
Market analysts are also observing developments around a possible Ripple ETF. JPMorgan has estimated that a spot XRP ETF could bring in over $8 billion from institutional investors. If approved, the ETF could boost demand for XRP and trigger more inflows into the asset.
According to market commentator Zach Realtor, a potential approval could send the price toward $15. He noted that such a move would raise XRP’s market capitalization near $1.8 trillion. The U.S. Securities and Exchange Commission (SEC) is expected to rule on Grayscale’s XRP spot ETF application by May 22.
Meanwhile, Teucrium has already launched a leveraged XRP ETF that has attracted $27 million in assets. This growth shows increasing investor interest in XRP-backed products, which could support further price appreciation.
XRP Market Outlook Remains Focused on $6 Target
Various analysts recognize that XRP recently entered a decisive market position. According to Elliott Wave theory, the Wave 2 correction shows signs of finishing.XRP price can achieve $6 value after breaking through resistance areas and maintaining its support levels intact.
Technical indicators and ETF news show analytical potential though the market maintains high volatility levels. Investors need to monitor major resistances as well as support points together with trading volume patterns and track Federal SEC decisions about Exchange Traded Fund developments. Current operational factors will determine how XRP progresses through its market route.
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XRP Price Set for $6 Surge as Wave 2 Correction Nears Completion, Say Analysts
XRP Price Prepares for Bullish Reversal Toward $6
The XRP price continues its ongoing consolidation phase, which holds above the base marks of $1.90 and $1.55 as it stays within the $2.08 range. According to the technical analysis provided by Casitrades, the zones have proved their stability during recent market combinations. In the Exchange Wave pattern, the existing market structure corresponds to the final part of Wave 2, which indicates a potential price increase.
XRP price has transformed by $2.05 into its most important obstacle to overcome. The market shows resistance at this moment, which also represents the 0.382 Fibonacci retracement level. A bullish trend will become legitimate after $2.05 breaks through with corresponding increased trading volume as the pattern completes its upward movement. Market analysts predict that the product will break through price points at $6, $9.50, and $12 successfully. The analyzed figures from the market adhere to the 1.618 Fibonacci extension, which stands as the traders’ standard way to forecast future price peaks.
XRP Technical Indicators Show Positive Momentum
Several key indicators are showing early signs of bullish momentum. The MACD line now exceeds the signal line, with the histogram displaying a green color. The upward pressure on buying activity increases according to trader behaviors.Trading momentum development appears possible based on current price indices which remain at neutral level according to the Relative Strength Index (RSI).
An essential price point of $2.25 exists in the weekly chart per analyst EGRAG CRYPTO. A bullish market reversal will occur when a candle with a full body climbs above this defining price point. He explained, “A sustained position above $2.25 will indicate the bottom is in and shift momentum.” If that occurs, XRP could move to $2.51 and $2.60 before targeting higher zones.
However, caution is advised. A large number of 55 million XRP tokens moved to cryptocurrency trading platforms recently. The upcoming selling pressure appears to be indicated through these recent transfers, while investors and analysts maintain a positive long-term outlook.
XRP ETF Approval Could Push Price Higher
Market analysts are also observing developments around a possible Ripple ETF. JPMorgan has estimated that a spot XRP ETF could bring in over $8 billion from institutional investors. If approved, the ETF could boost demand for XRP and trigger more inflows into the asset.
According to market commentator Zach Realtor, a potential approval could send the price toward $15. He noted that such a move would raise XRP’s market capitalization near $1.8 trillion. The U.S. Securities and Exchange Commission (SEC) is expected to rule on Grayscale’s XRP spot ETF application by May 22.
Meanwhile, Teucrium has already launched a leveraged XRP ETF that has attracted $27 million in assets. This growth shows increasing investor interest in XRP-backed products, which could support further price appreciation.
XRP Market Outlook Remains Focused on $6 Target
Various analysts recognize that XRP recently entered a decisive market position. According to Elliott Wave theory, the Wave 2 correction shows signs of finishing.XRP price can achieve $6 value after breaking through resistance areas and maintaining its support levels intact.
Technical indicators and ETF news show analytical potential though the market maintains high volatility levels. Investors need to monitor major resistances as well as support points together with trading volume patterns and track Federal SEC decisions about Exchange Traded Fund developments. Current operational factors will determine how XRP progresses through its market route.