XRP is exhibiting a strong technical setup reminiscent of its 2017 breakout, signaling a potential rally toward $3 amid growing institutional interest.
Maintaining support above $2.16 and flipping $2.25 to a firm base are critical for sustaining XRP’s bullish momentum in the near term.
COINOTAG highlights that ETF approvals and bullish chart formations are key drivers behind the renewed optimism surrounding XRP’s price action.
XRP’s price action mirrors its 2017 breakout, with ETF approvals and bullish patterns fueling a potential rally toward $3 and renewed investor interest.
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XRP’s Technical Structure Echoes 2017 Breakout, Indicating Bullish Potential
XRP’s current price movement closely resembles the breakout pattern observed during the 2017 bull run, suggesting a similar trajectory could unfold. Analysts note that the token has successfully bounced off the critical $2.16–$2.18 support zone, a level that historically served as a launchpad for upward momentum. This retest and subsequent hold of support is a positive technical signal, indicating that buyers remain active and confident. The price briefly surged to $2.32 before consolidating near the 0.382 Fibonacci retracement level at $2.22, a common area for price corrections before continuation. This pattern aligns with the classic breakout and retest scenario, often preceding significant rallies.
Chart Patterns and Indicators Support Continued Uptrend
Technical formations such as the inverted head and shoulders pattern are emerging, which typically signal a reversal from bearish to bullish trends. The Relative Strength Index (RSI) remains in a favorable zone, suggesting that momentum is building without the asset being overbought. If XRP can sustain support above $2.16 and reclaim $2.25 as a new support level, price targets of $2.69 and $3.04 become increasingly attainable. These levels correspond to previous resistance points and Fibonacci extensions, providing logical milestones for traders and investors. The confluence of these indicators strengthens the case for a sustained upward move.
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Institutional ETF Approvals and Whale Activity Bolster XRP’s Outlook
Institutional developments are playing a pivotal role in XRP’s renewed bullish sentiment. The inclusion of XRP in the Grayscale Digital Large Cap Fund (GDLC), which allocates approximately 4.8% to the token, enhances institutional exposure and liquidity. This inclusion, pending SEC approval, marks a significant milestone in legitimizing XRP as a mainstream investment vehicle. Additionally, Bloomberg analyst James Seyffart has highlighted an upcoming deadline for the Bitwise ETF approval by July 31, which could further catalyze price appreciation if granted.
Whale activity has also increased, with large holders accumulating XRP at current levels, reinforcing the technical bullishness. The combination of institutional ETF interest and increased buying pressure from major investors creates a robust foundation for potential price appreciation. Analysts are now closely monitoring the $2.48 level as a short-term target, with a successful breach potentially opening the door to a rally toward $3 and beyond.
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Market sentiment around XRP is increasingly positive, driven by both technical and fundamental factors. The convergence of ETF approvals, supportive chart patterns, and strong institutional demand suggests that XRP is well-positioned for a significant upward move. However, traders should remain vigilant for key support levels and monitor volume trends to confirm sustained momentum. The evolving regulatory landscape will also play a crucial role in shaping XRP’s trajectory, making it essential for investors to stay informed about ongoing developments.
XRP’s current price action, supported by historical breakout patterns and growing institutional interest, points to a promising outlook with potential targets near $3. Maintaining key support levels and ETF-related developments will be critical in sustaining this momentum. Investors should watch for confirmation signals and regulatory updates to navigate the evolving market landscape effectively.
Source: https://en.coinotag.com/xrp-shows-bullish-patterns-and-etf-developments-suggest-potential-rally-toward-3/