XRP's Current Value Exceeds $3 Due to Inverse Head and Shoulder Formation - What Happens Next?
In the world of cryptocurrency, XRP is making waves as it experiences a 2% increase in the past 24 hours, with the current price hovering near $3.01. This uptick comes as momentum indicators remain bullish, showing higher lows forming within an ascending channel on shorter timeframes.
The confidence in an XRP ETF approval has surged to 98%, signaling strong market optimism. If approved, an XRP ETF could attract significant institutional inflows and push the price of XRP toward new highs. Ripple CEO Brad Garlinghouse has indicated that the US Securities and Exchange Commission (SEC) is expected to approve an XRP Spot ETF potentially as soon as October 2025.
Moreover, Grayscale, a major crypto asset manager, has applied to convert its XRP Trust into a fully regulated ETF. This application has high approval odds under current regulatory conditions following leadership changes at the SEC.
The bullish sentiment is further bolstered by the formation of an inverse head-and-shoulders pattern in XRP. According to analyst @egragcrypto, this pattern projects a potential move toward $3.045. If bulls maintain momentum, immediate targets for XRP are $3.00 and $3.045. If XRP holds above $3.00, analysts expect further upside toward $3.20 and potentially $3.53.
However, traders are advised to keep an eye on support near $2.88. A dip below this level could lead to a short-term pullback before buyers attempt another push higher. The intraday high for XRP was $3.02, and if a strong breakout above $3.045 occurs, it could trigger additional buying and accelerate the rally.
The broader altcoin market is also seeing a resurgence, with capital rotating back into major projects after months of muted activity. With technical patterns aligning and market sentiment improving, many believe XRP could be gearing up for its next big move.
This resurgence is further evidenced by the significant trading volume, with more than $6 billion in 24-hour trading volume recorded. Despite the positive outlook, it's crucial to remember that the cryptocurrency market is volatile, and investors should conduct their own research before making investment decisions.
Historically, XRP has shown the ability to stage strong rallies after extended consolidation phases. If these trends continue, XRP could be on the verge of another significant rally. Stay tuned for more updates on this developing story.
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