XRP Price Set to Skyrocket with Potential ETF Approval

Ripple Advances with $1.4B Stock Buyback Amid IPO Delays

Crypto analyst Captain Faibik anticipates a 263.81% surge in XRP’s price if it breaks the $0.64 resistance, potentially reaching $1.62, amid ongoing ETF speculations. The cryptocurrency market is buzzing with optimism regarding a possible XRP exchange-traded fund (ETF) launch. This optimism persists despite concerns that the SEC might reject all Ethereum fund proposals, highlighting swift progress and growing acknowledgment of crypto financial products.

Captain Faibik suggests that an approved XRP ETF could significantly boost XRP’s price. Faibik’s analysis shows XRP’s price history is highly volatile, marked by major rallies and corrections. In early 2020, XRP started at roughly $0.1050 and surged to about $1.9000 by the end of the first quarter of 2021.

Historical Price Movements

However, this peak was short-lived as market conditions shifted, leading to a correction. By July 2021, XRP retraced to $0.52, shedding much of its earlier gains but maintaining a higher low compared to pre-rally levels. The negative trend briefly continued, pushing XRP down to around $0.2800 by mid-2022.

Related article: XRP Poised for Significant Rally: $1.67 Target in Sight

Since the 2021 correction, XRP has been in a consolidation phase, forming a symmetrical triangle pattern on the weekly chart, characterized by higher lows and relatively lower highs. As of mid-2024, XRP trades around $0.52, showing signs of nearing the apex of the symmetrical triangle. 

Faibik’s chart suggests the resistance level is around $0.64, a crucial threshold for validating a breakout. If a breakout occurs, the potential price target is $1.62, calculated by adding the triangle’s height to the breakout point. This target indicates a possible 263.81% increase from current levels.

Prospects Of An XRP ETF Launch

Ripple CEO Brad Garlinghouse remains confident that an XRP ETF will eventually launch despite current regulatory uncertainties in the crypto industry. He also sees potential for ETFs tracking other cryptocurrencies like Cardano and Solana.

Related article: XRP to $1,000? Analyst Cites JPMorgan’s Transaction Volume

Standard Chartered analyst Geoffrey Kendrick predicts an XRP ETF might debut by 2025. He notes that Ethereum ETF approvals suggest ETH and similar altcoins, including XRP, won’t be classified as securities.

The SEC recently greenlit eight Ethereum ETF applications and authorized 194-b filings for Ethereum ETFs, though decisions on the S-1 filings are still awaited.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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