key takeaways:
The price of XRP declined by 5% in the last 24 hours as the US GDP data showed a shrinking economy.
However, a spot XRP in the United States suggests a strong market structure for ETF approval and the growing hope of investors that Altcoin can re -see its April peak at $ 2.36 in the short term.
Technical charts currently show the XRP (XRP) trading within a falling veg pattern. A “Falling Wage” is a rapidly reversed chart pattern consisting of two convergence trend lines that combine the lower climb and lower high. This convergence indicates weakening the bottom speed.
The pattern will be resolved when the price will break down at $ 2.40 above the upper trendline, and if this happens, buyers can target $ 3.74, which represents a 71% increase from the current value.
The relative power index (RSI) is above the midline, indicating that the market situation is still reverse.
However, to maintain the ongoing recovery, the XRP price is first to receive support at $ 2.20 and then cross the resistance between $ 2.80 and $ 3.00.
Many analysts remain optimistic about Altcoin’s ability to rebound high levels of all time, with the popular trader dark defender saying that the ongoing reform is part of a Elliot Wave Pattern that will eventually see “XRP continues to climb on top.”
Fellow trader Elinkripto believes that XRP is “growing to $ 19.27” based on a breakout from a falling veg pattern.
“Where we are pulling back, the textbook is perfect, and we highlighted a falling nail that was present on the XRP that was eventually going to continuity for $ 19.27.”
Connected: What are XRP futures and how to invest in them?
Approval obstacles for an XRP ETF approval in 2025
Bloomberg’s senior ETF analysts said five spots, including Grancale, 21 Shar, Wisdomist, Bettree, Canary and Franklin Templeton, are expected to have 85% permission after a change in leadership in the US Securities and Exchange Commission (SEC).
This is a significant improvement from their prediction two months ago which in 2025 determined the possibility of approval of XRP at 65%.
Similarly, by 31 December, betting barriers for XRP ETF approval are now parked at 80% on polymercate. In the last one week, the possibility of approval has rapidly increased to 17% in public favor, which was about 63% on 23 April.
Meanwhile, on 29 April, SEC postponed its decision on Franklin Templeton’s spot XRP ETF, setting a new review deadline on 17 June.
The approval of these ETFs can unlock institutional capital, which increases the demand for XRP. While the approval deadline is not clear, they will mark a step towards adopting the mainstream for XRP.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
