Can XRP Price Drops Despite ETF Optimism: How’ll Bears vs Bulls End?

Key Insights:

• A top analyst set bullish XRP price targets at $13, sparking market optimism.
• Whales grabbed 320 million XRP in 3 days.
• Technical indicators are leaning on the bullish side.

XRP price is dropped near $3.07 a 5% daily and 2% weekly drop. This happened despite whales grabbing over 320 million of tokens while optimism soars for an ETF approval by October. At the same time, experts are hinting at a double-digit price as altseason approaches.

On-chain action shows a strong buying spree over the last few days following the United States Securities and Exchange Commission’s closing of the case against Ripple and ending a decade of legal quagmire. Since Ripple’s launch in 2012, and the 2017 bull market that saw XRP catapult by a historic 63,900% price growth, the SEC’s lawsuit remained a major hurdle blocking the altcoin’s price from further growth.

With the lawsuit out of the cryptocurrency’s way, XRP is up by 8% over the last seven days and has increased its market capitalization by $14 billion. According to analysts, sentiment now leans towards bullishness with both retail and institutional investors switching from caution to greed for the better part of the week.

Can XRP Price Reach $13?

XRP price eyes a potential movement to $13, as per veteran trader and analyst Tony Severino, who said the current XRP pattern is bracing for its final stage before reaching new all-time highs.

Severino urged everyone to brace for the final wave, which ends within 40 days.  According to him, the altcoin’s price will peak between $8 and $13 by mid-September.

Another analyst on X made a similar bullish forecast, stating that the XRP price would increase by 333.33% to $13 if buyers provide enough momentum in the near term.

Some of the crucial levels to watch out for include a break above $3.33, $4.44, and $5.85, said Dark Defender on X. As of this writing, XRP is trading inside a descending triangle at a price of $3.1314.

Other seasoned crypto experts made more aggressive predictions, with Barric aiming for $1,000 per coin once it clears $10.

These bullish outlooks are supported by a strong RSI at 59 on the daily XRP chart, which mirrors strong demand and momentum for growth. Additionally, the Bollinger Bands are trading far apart with XRP price approaching the upper band, thereby suggesting bullishness.

XRP Whales Bag 320M XRP

According to on-chain metrics, institutional interest is growing across XRP markets, with the latest data showing that whales have acquired over 320 million tokens in 72 hours.

Expert analyst Ali_charts highlighted the Santiment chart on his X timeline, showing transactions involving 100 million to 1 billion tokens.

While the XRP price action lost a crucial level around $3.35 – $3.40, rising institutional interest and smart money inflows could trigger the altcoin out of its current descending triangle and catapult it past the $5 psychological level.

What Lies Ahead?

Google searches for the term ‘altcoin’ reached its highest volume since 2021, a metric that experts have loosely translated as a sign of the altseason, a period when capital flows to altcoins like Ethereum, XRP, and Solana.

According to a DeFi researcher, DeFi_Edward, the upcoming altseason will be driven by institutional adoption, corporate treasuries, and ETFs, which is unlike the previous one, which largely relied on retail.

For XRP, we also anticipate strong partnerships, stablecoin adoption, and massive cross-border transactions. If all these play out as expected,  $13 is an inevitable price for XRP.