Key Takeaways:
XRP (XRP) The price is printed by a bull flag pattern in the sun -day chart, a technical pattern associated with the strong bullish momentum following an upward breakout. Is this the start of the XRP rally at $ 5?
XRP Bull Flag Price targets $ 5
The day -to -day chart shows XRP trading within a bull flag, with a price facing resistance from the upper pattern line to $ 3.
A Bull flag is a pattern of continuity of technical examination, forming a small falling rectangle after a sharp price increase, signing of integration. It is usually resolved with an upward breakout, which continues the initial bullish trend.
Related: Will XRP crash in September?
A day -to -day candle near the top of $ 3 will confirm a bullish breakout for the XRP, cleaning the path for an increase in the pattern target at $ 5. Such a move represents a 77% increase from the current price.
However, before reaching this target, the bulls had to overcome resistance from the 50-day simple transfer of the average (SMA) to $ 3.08, which prevented the price since August 24. Reached multi-year high $ 3.66 On July 18.
On the downside, the area to watch is between 100-day SMA at $ 2.68 and the 200-day SMA at $ 2.48, which remains the main support zones for XRP prices. The bulls should hold the price above this level to avoid avoiding the bull flag.
“The $ XRP can be gathered up for the next big breakout towards $ 5,” Says Analyst Crypto Pulse after seeing the pattern last week.
According to the Analyst, the price is required to hold above August 3 of less than $ 2.75 to keep the bullish structure intact.
“Lose $ 2.75 and check out the possible retings of the $ 2.5- $ 2.6 confluence zone before another pushing higher,” Crypto Pulse said, and added:
“In general, the XRP still looks bullish; the breakout confirmation is what I watched next.”
As cointelegraph reportedBuyers are required to defend important support around $ 2.73 to avoid a Deeper correction towards $ 2.
Approval of Spot XRP ETF is closer
The US Securities and Exchange Commission is set to Decide In the Spot XRP Exchange-Traded Fund (ETF) applications for a few months, with major deadlines for most applications falling between October 18 and October 25. The deadline for deciding on Franklin Templeton XRP ETF is November 14th.
More than 11 measures are evaluatedFollowing Ripple’s 2024 legal success that clarified XRP’s non-security status.
Participants in the market are optimistic, with betting ODDs for a approved XRP ETF By December 31 now stands at 87% in the Polymarket. Last month, the possibility of approval rose 23% in favor from around 64% on August 6.
Nate Geraci, head of the ETF store, emphasized that the possibilities of approved are almost certain that the decision deadlines are closer.
“Personally, I think the odds are closer to 100%,” he Says to an X post on Tuesday in response to the rising of odds.
Bloomberg Senior Etf Analyst Eric Balchunas Estimates a 95% possibility of approved, citing the clarity of regulation and the Change in leadership In Sec.
Approval can potentially unlock institutional capital, strengthening demand for XRP tokens, which is potential Driving prices towards $ 10- $ 20with some Analysts predicting $ 50 If major players like Blackrock join.
This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.
