TLDR
- XRP trades at $2.96 with strong support at $2.80 and key resistance at $4.50.
- Analyst targets $9.63, marking a potential 200% price rally for XRP.
- New ETF filing focuses on U.S.-based crypto assets including XRP.
- XRP shows breakout patterns similar to its past major price surge.
XRP is back in focus as technical charts suggest a potential breakout while a new ETF filing boosts investor interest. Analyst predictions now indicate a 200% price increase, driven by strong support levels and new developments in the U.S. market. As XRP trades near the $3.00 mark, both traders and institutions are closely watching the token’s next move amid growing excitement around ETF-linked growth opportunities.
Canary ETF Filing Draws Institutional and Retail Interest
The Canary American-Made Crypto ETF proposal has brought new attention to assets like XRP. This fund is different in that it will focus on cryptocurrencies developed or largely managed in the United States. The timing of the filing is important, as the regulatory space for crypto ETFs in the U.S. remains uncertain. However, it signals continued interest from issuers to meet market demand.
https://x.com/_Crypto_Barbie/status/1959965477012165085
Institutions view ETFs as one of the simplest ways to gain exposure to digital assets. The American-only structure appeals to some investors in the current political and regulatory environment. If the ETF gains approval, it could open new capital flows into XRP and other included assets. Retail investors are also showing increased interest due to the local focus of the fund. With XRP’s legal situation with the SEC resolved, it stands on firmer ground than before.
Technical Patterns Show Potential for Upward Movement
XRP is trading at $2.96, with short-term corrections not changing the overall trend. According to technical analyst Javon Marks, the token has already broken out of a wedge formation. This pattern has, in the past, led to large rallies for XRP. Marks notes that the next resistance levels are at $4.50 and $6.30. If these are cleared, the price may reach $9.63, which is over 200% from current levels.
Source: X/Javon Marks
Buyers continue to hold the $2.80 support zone, which has proven stable in recent trading. This price level has served as a foundation during previous periods of consolidation. The chart setup shows a similar structure to XRP’s earlier rally from $0.03 to over $3.00. That run changed how the market viewed the token’s long-term value. With XRP now forming a comparable pattern, traders are keeping watch for a potential repeat.
Price History and Current Support Add to Positive Outlook
XRP has a history of strong rallies following long periods of price compression. The most well-known surge took it from fractions of a dollar to over $3.00. Current price behavior shows a similar setup, with resistance giving way and steady support forming a base. Technical structures are forming that resemble those of past breakout cycles, which analysts like Marks are closely tracking.
The $2.80 support has held firm, even as prices dipped slightly in the last 24 hours. This stability has given buyers more confidence to continue entering the market. Momentum remains steady as XRP stays close to its local high range. Resistance levels near $4.50 and $6.30 will likely act as key tests before any attempt at a $9.63 target. If broken, these could mark the beginning of a broader upward trend.
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