Key takeaways:
XRP price dropped by 5% over the past 24 hours as US GDP data showed a shrinking economy.
However, a strengthening market structure and investors’ growing hope for a spot XRP ETF approval in the United States suggest that the altcoin might revisit its April peak at $2.36 in the short term.
Technical charts currently show XRP (XRP) trading within a falling wedge pattern. A “falling wedge” is a bullish reversal chart pattern that comprises two converging trend lines that connect lower lows and lower highs. This convergence indicates weakening downward momentum.
The pattern will resolve when the price breaks above the upper trendline at $2.40, and if this happens, buyers could target $3.74 next, representing a 71% increase from the current price.
The relative strength index (RSI) is above the midline, indicating that the market conditions still favor the upside.
However, to sustain the ongoing recovery, XRP price has to first hold the support at $2.20 and then overcome the resistance between $2.80 and $3.00.
Several analysts remain optimistic about the altcoin’s ability to rebound to all-time highs, with popular trader Dark Defender saying that the ongoing correction is part of an Elliott Wave pattern that will eventually see “XRP continue its climb to the top.”
Fellow trader Allincrypto believes XRP is “heading to $19.27” based on a breakout from a 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 approval in 2025 rise
Bloomberg senior ETF analysts said that the five spot XRP ETFs, including Grayscale, 21Shares, WisdomTree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approval after the change in leadership at the US Securities and Exchange Commission (SEC).
This is a significant improvement from their prediction over two months ago that set the chances of an XRP approval in 2025 at 65%.
Similarly, the betting odds for an XRP ETF approval by Dec. 31 now stand at 80% on Polymarket. Over the past week, the probability of approval has swung 17% in favor of the bullish masses, which was around 63% on April 23.
Meanwhile, on April 29, the SEC postponed its decision on Franklin Templeton’s spot XRP ETF, setting a new review deadline on June 17.
The approval of these ETFs could unlock institutional capital, amplifying demand for the XRP. While approval timelines remain unclear, they would mark a step toward mainstream adoption for XRP.
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.
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