XRP traders are expressing renewed optimism as the likelihood of a U.S. spot XRP exchange-traded fund (ETF) approval has surged to 85%, according to Bloomberg analysts. This increase in approval odds follows a leadership change at the U.S. Securities and Exchange Commission (SEC).
Despite a recent 5% price decline attributed to disappointing U.S. GDP data, XRP is currently trading within a bullish “falling wedge” pattern. This technical formation suggests a potential breakout above the $2.40 resistance level, which could propel the price toward $3.74—a 71% increase from current levels. The relative strength index (RSI) remains above the midline, indicating favorable market conditions for an upward move.
Analysts emphasize the importance of XRP maintaining support at $2.20 and overcoming resistance between $2.80 and $3.00 to sustain its recovery. Prominent trader Dark Defender interprets the recent correction as part of an Elliott Wave pattern, anticipating continued upward momentum. Another trader, Allincrypto, projects a potential rise to $19.27 based on the falling wedge breakout.
The SEC has postponed its decision on Franklin Templeton’s spot XRP ETF to June 17. Nonetheless, the prospect of ETF approval is fueling investor enthusiasm, with Polymarket betting odds for approval by year-end increasing to 80%. Approval of these ETFs could attract significant institutional capital, enhancing demand and potentially driving XRP to new all-time highs.
