XRP Price Set to Surge on ETF Hopes, Key Levels Highlighted by Analyst
- XRP has posted gains amid renewed ETF optimism.
- A call for public comments on XRP ETF applications has fueled the rally, with key resistance identified between $2.90 and $3.10.
- A breakout above $3.10 could propel XRP to multi-year highs around $3.4, while positive developments overseas add to the bullish outlook.
XRP has been gaining attention as ETF hopes continue to drive positive sentiment in the market. The asset has surged to $2.7, which follows the U.S. Securities and Exchange Commissions recent call for public comments on XRP ETF applications from firms such as Canary Capital, CoinShares, and WisdomTree, which has further stoked investor optimism.
XRP Price Analysis: A Looming Bullish Breakout?
Analyst EGRAG CRYPTO has highlighted several key levels that the XRP community should monitor closely as the asset rallies. According to his analysis, XRP is currently bouncing off the bottom of an ascending triangle pattern on the 12-hour chart, with the pattern likely targeting resistance around $2.83.
However, the critical range to watch is between $2.90 and $3.10, where strong resistance has been observed over the past few weeks. EGRAG CRYPTO noted that a confirmed close above this range would be a bullish signal, turning the resistance into support and potentially marking a major structural milestone.
Should the coin break above $3.10, the asset could climb back to the multi-year high of $3.4 reached in early January 2025, possibly pausing briefly near $3.2240.
This optimistic outlook is bolstered by expectations that a positive resolution in the long-running SEC versus Ripple case could further support XRPs price. Additionally, recent approval of the first XRP spot ETF in Brazil adds an international boost to the assets prospects, contributing to a more favorable environment for XRPs continued ascent.
With ETF hopes reigniting interest in the coin, technical analysis by EGRAG CRYPTO suggests that a breakout above the $2.90-$3.10 range is pivotal. A successful move above these levels could initiate a robust rally toward multi-year highs, while developments in regulatory cases and global ETF approvals add further bullish momentum.
For now, XRP traders are keeping a close watch on these key levels as the market navigates through this period of optimism and uncertainty.
Read more: https://thenewscrypto.com/xrp-price-set-to-surge-on-etf-hopes-key-levels-highlighted-by-analyst/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
