XRP price surged by 2.3% on Wednesday, surpassing the $2.20 level for the first time in two weeks. This breakout was fueled by renewed institutional buying pressure as speculation around altcoin ETFs increased. Bloomberg’s Chief ETF Analyst hinted at 72 altcoin ETF applications, including XRP, Litecoin, and Solana, which resulted in a positive sentiment in the market. The overall crypto market saw moderate gains amid expectations of a more favorable regulatory environment following recent changes at the SEC.
Investors on decentralized prediction market Polymarket have priced in a 32% chance of ETF approval for key altcoins, representing increased optimism in the market. Additionally, the appointment of Paul Atkins as the new SEC Chair has heightened expectations for a more friendly stance on altcoin ETFs. However, there are risks involved, as traders need to be cautious of potential “sell-the-news” dynamics where strategic investors might sell off upon ETF approval, impacting retail buyers.
Technical analyst Oscar Ramos has maintained his bullish outlook on XRP, predicting a price of $5 by the end of 2025. Ramos believes that institutional flows and regulatory clarity will be the driving factors behind XRP’s long-term bullish breakout. The recent surge in XRP price has reinforced confidence in Ramos’ medium-term thesis, with the market showing increased interest in ETF speculations and altcoin legitimacy under the new SEC leadership. A favorable ETF verdict could potentially accelerate XRP’s price trajectory towards the $5 target.
XRP price is currently trading within a cautiously bullish structure, looking to retest resistance levels at $2.30. The recent rally from the $1.72 swing low has shown solid market participation and increasing volume, indicating sustainable upward momentum. The RSI-based oscillator suggests that buyers remain in control, although caution is advised as failure to breach the $2.30 resistance could lead to a short-term correction towards the $1.95 midpoint support level. Overall, the market structure leans bullish with $2.30 being a critical level to watch for potential continuation towards the $2.50 zone.
In conclusion, XRP’s price surge was driven by renewed optimism surrounding altcoin ETFs and favorable remarks from industry experts. Investors are pricing in a positive regulatory outlook, with expectations of ETF approvals for key altcoins like XRP. Technical analysis suggests a bullish outlook for XRP with a target of $5 by 2025, supported by institutional flows and regulatory clarity. While there are risks involved, such as potential sell-offs upon ETF approval, the overall market sentiment remains optimistic, emphasizing the importance of monitoring key resistance levels for further price movements.
