The XRP price has consolidated against Bitcoin (BTC) for the past 64 days, while Bitcoin adoption has ramped up globally. During this period, the its price formed a falling wedge pattern, suggesting a potential bullish breakout.
Crypto Markets Anticipate More ETF Launches
Following the potential approval of an Ethereum spot ETF, crypto markets anticipate the launch of more crypto ETFs, such as those for Solana and XRP.
XRP/BTC Price Analysis: Bullish Breakout Ahead?
XRP’s price has trended downward against BTC, even as the king of crypto surged from $30,000 to over $70,000. However, the price action remains above the 50-day and 200-day simple moving averages (SMA), indicating underlying strength.
Since April 2, the XRP price has consolidated within a range, forming a falling wedge pattern. If this pattern resolves to the upside, it could propel its price by 19% to 0.00000882 BTC.
Meanwhile, the Bitcoin price has broken out from a falling wedge and is headed higher, with the price action above the 50-day and 200-day SMA, suggesting bullish investor sentiment. However, strong overhead resistance threatens to impede the BTC bulls.
Ripple CEO Predicts XRP ETF in 2025, Fueling Crypto Excitement
Ripple CEO Brad Garlinghouse expressed optimism about the potential Ethereum spot ETF approval. During a recent appearance on Fox Business, he made a case for an XRP ETF, stating its approval is “inevitable.”
Garlinghouse expects the Ethereum spot ETF to be approved by July, further opening the markets to new crypto investors. He also anticipates ETFs for other cryptocurrencies, such as Solana and Cardano.
Garlinghouse predicts the XRP ETF will be approved around 2025, which could coincide with the height of the crypto bull run. This timely development could potentially drive its price to $10.
Demand for Bitcoin Outpacing Supply, Fueling Exponential Price Increases
The increasing demand for Bitcoin, particularly from ETFs, is outpacing the new Bitcoin being mined. This imbalance between demand and supply creates a recipe for exponential price increases.
As the crypto market anticipates the launch of multiple-asset ETFs, investors closely watch the potential impact on the industry’s growth. The predictions of an XRP ETF by 2025 and the increasing demand for Bitcoin suggest an exciting future for the crypto market.
Read Also: Ripple CEO Confident in XRP ETF Future, Predicts 2025 Launch
