XRP, the native cryptocurrency of the decentralized blockchain developed by Ripple, is currently in a consolidation phase while major competitors such as Solana, Polkadot, and Cardano experience significant price drops.
As of Saturday, XRP was trading at $2.39, slightly below its recent 2024 highs. However, key fundamental and technical factors could drive substantial growth in the upcoming months.
XRP Whales Accumulate
Recent data indicates a bullish trend in XRP, with whale investors showing optimism by accumulating the cryptocurrency despite a challenging market mood. Reports reveal that XRP whales purchased 1 billion tokens in the past 48 hours, highlighting their confidence in the asset’s future performance.
Anticipation for Ripple ETF Approval
Traders on Polymarket are expressing optimism regarding the potential approval of a spot XRP exchange-traded fund (ETF) by the Securities and Exchange Commission in 2025. One poll suggests a 68% chance of approval, while another indicates a 51% likelihood that it will be sanctioned by July 31. These sentiments have been bolstered by recent political developments, including the election of a more crypto-friendly administration.
ETFs have gained immense popularity in the crypto space, with the ProShares Bitcoin ETF amassing over $2.3 billion in assets and spot Bitcoin ETFs attracting more than $36 billion in inflows. Investors are also eyeing potential ETF approvals for Solana, Hedera Hashgraph, and Chainlink.
Bullish Technical Indicators for XRP
XRP’s technical charts signal positive momentum that could lead to price increases over the coming weeks. The daily chart depicts a bullish pennant pattern, a well-recognized continuation signal among traders. With the lower boundary at $0.4913, the triangle formation has been in play since December, typically suggesting a bullish breakout as the lines converge.
XRP remains above its 50-day moving average, and the Market Value to Realized Value (MVRV) ratio has decreased to 2.5, indicating that XRP may be undervalued. Key price levels to monitor include the Murrey Math Lines’ extreme overshoot point, followed by the 2024 high of $2.90, and the significant psychological mark of $3.
