- XRP’s breakout from a falling wedge signals strong bullish momentum ahead.
- Inverse head and shoulders pattern sets XRP on track for higher price targets.
- SEC-approved XRP futures ETFs enhance institutional demand and price discovery.
XRP is gearing up for another strong rally, fueled by bullish technical patterns and increasing institutional interest. With the price currently sitting at $2.32 and a market cap exceeding $135 billion, XRP shows renewed momentum. In the past week alone, XRP posted a 9.51% gain, signaling growing investor confidence.
Falling Wedge Breakout Suggests Strong Continuation
According to market analyst Captain Faibik, XRP has broken out of a falling wedge pattern, a classic indicator of bullish reversal. Price action closed decisively above the upper trendline at $2.25, sparking fresh buying momentum. Hence, key support now rests between $2.00 and $2.10, providing a strong foundation for further gains.
Besides, immediate resistance appears light until $2.60 to $2.80, allowing room for an extended rally. Faibik notes that the broader uptrend remains intact, with XRP’s midterm target set at $5.00.
The breakout not only confirms bullish momentum but also highlights increasing trader enthusiasm. Consequently, if XRP maintains this pace, the probability of achieving the $5 target strengthens significantly.
Inverse Head and Shoulders Pattern Points to Higher Gains
Moreover, analyst Ali Martinez observes a textbook inverse head and shoulders pattern unfolding on the XRP/USDT chart. The breakout above the neckline at $2.24 signals a strong bullish reversal.
Immediate upside targets, according to Fibonacci extensions, include $2.45, $2.57, $2.75, and $2.91. Significantly, Martinez emphasizes the importance of XRP holding above the $2.24 neckline for sustained bullish momentum.
Additionally, key support levels include $2.12, corresponding to the 0.786 Fibonacci retracement, and $1.98, the 0.618 retracement. Consequently, XRP appears well-positioned to climb towards the $2.70 to $2.90 range in the short term.
Meanwhile, institutional demand for XRP is heating up. ProShares recently secured SEC approval for three XRP futures ETFs, including a leveraged Ultra XRP ETF and a Short XRP ETF. Set to launch on April 30, these products could further boost liquidity and price discovery for XRP.
Moreover, Teucrium’s successful launch of the first XRP futures ETF earlier this month showcased strong investor interest, with over $5 million traded on day one. With ProShares’ spot XRP ETF application pending and a decision expected by May 22, the market outlook remains highly optimistic.
