Key Points
- XRP is having difficulty breaking the $2.35 resistance level, suggesting a lack of demand at this price point.
- The likelihood of XRP ETF approval could potentially drive a new rally for XRP.
Experts Eric Baltunas and James Seyfert from Bloomberg are predicting a 95% chance that the US Securities and Exchange Commission will approve ETFs for XRP, Solana, and Litecoin by 2025.
So, is XRP’s price movement going to act as a springboard for the next phase, or will bearish trends push it down? Let’s take a closer look at the charts.
XRP Price Forecast
On Monday, buyers managed to push XRP above the 50-day Simple Moving Average (SMA) at $2.24. However, an extended candlestick wick indicates selling at higher levels.
It’s worth noting the 20-day Exponential Moving Average (EMA) at $2.17. If prices break above this, the chance of overcoming the $2.35 barrier increases. Should that happen, there could be a rise to around $2.65.
On the flip side, maintaining prices below the 20-day EMA might suggest that bears are ready to take charge. This could lead to a drop to $2.06 and possibly down to $2. It seems buyers will likely put up a strong defense at the $2 level, as moving below could open the door to $1.61.
There are some price forecasts predicting XRP could exceed $3 in 2025, but they might have significant flaws.
The analysis on the four-hour chart reveals that bears are closely watching the $2.35 mark. While there’s support at the 50-SMA, if bears gain the upper hand, the price could slip to $2.06. This level is critical for bulls to defend, as a breach below could lead to a dip to $2.
Conversely, if prices rebound from the 50-day SMA, bulls might aim for a break into the neckline of a potential reversed head and shoulder pattern. A breakout above this neckline could complete a bullish setup, targeting $2.76.
This article doesn’t offer investment advice, and all trading carries risks. Readers should conduct their own research before making any financial decisions.
