XRP Price Nears Key Breakout Point as Demand for Spot XRP ETFs Grows

The crypto community is watching closely as XRP’s price approaches a key level on its price chart, marking the top of a big triangle pattern that’s been forming since 2017. Analysts say if XRP breaks out of the pattern, it could lead to the most significant price jump for the token since similar events in 2013 and 2017.

Market Analysts’ Predictions

Market analyst Armando Pantoja commented on the setup, recalling that the last time XRP experienced this pattern, it surged from cents to over $3. He has projected a potential price target ranging from $8 to $30, underscoring his bullish outlook.

In $XRP last time we saw a pattern like this, it went from pennies to over $3.

Now we’re seeing it again:

Symmetrical Triangle Pattern + MACD + Increasing Volume = target of $8-$30.

This is your last change for #XRP under $1. pic.twitter.com/n8aErJ342b

— Armando Pantoja (@_TallGuyTycoon) November 12, 2024

 “This is your last change for XRP under $1,” he tweeted.

Supporting Pantoja’s optimistic view, crypto analyst CoinsKid recently tweeted a weekly XRP/BTC chart, forecasting that XRP could reach $4. The tweet pointed out a “weekly bullish divergence,” indicating that XRP may be gaining momentum for a potential rally against Bitcoin.

In the accompanying chart, the XRP/BTC pair has been trending downward for an extended period, nearing support levels at approximately 0.0000620 and 0.0000440 BTC. However, the RSI has moved in the opposite direction from the price, indicating growing momentum despite the ongoing price dip. The divergence suggests a weakening downtrend and a possible reversal.

The tweet also noted that the demand for USDT, a prominent stablecoin, is reaching a critical point, with BTC nearing a vital price level. Suppose BTC encounters resistance at this level and slows down. In that case, it might shift attention to other coins like XRP, giving XRP a chance to increase in value relative to BTC, as Bitcoin’s price changes often influence other cryptocurrencies.

Growing Demand for Spot XRP ETFs

XRP’s recent performance has attracted growing interest among individual investors and institutions. Reflecting the demand, crypto asset manager 21Shares is preparing to launch an ETF tied to XRP’s spot price, called the 21Shares Core XRP Trust (“the Trust”). The ETF’s performance will track the CME CF Ripple-Dollar Reference Rate.

21Shares became the third asset manager to file for a spot XRP ETF, following similar Canary Capital and Bitwise applications. The trend underscores the rising demand among asset management firms for crypto-focused investment products.