XRP Targets 22% Gain Amid Spot ETF Buzz

XRP price prediction failed to meet expectations, especially after the lawsuit between Ripple and the Securities and Exchange Commission (SEC) ended. Despite the disappointing performance, XRP mulls a 22% breakout flaunted by a key technical pattern.

XRP Price Prediction: XRP Set To Rally As Ripple Mulls IPO

XRP price has increased 11% in a week and 8% in the past month; however, as per CoinGecko data, it remains down 9% in a year. Last week’s price uptick to $0.64 was caused by a short squeeze and investors’ bullish reaction to Ripple’s win against the SEC.

In the final ruling, XRP does not constitute a security, except for direct sales to institutional investors, for which Ripple was asked to pay $125 million in penalties and warned against future violations of US securities laws.

Now that the biggest barrier is out of the way, as long as the SEC does not move to appeal the ruling, Ripple could make good on its plans to become a publicly listed company by conducting an initial public offering (IPO).

Investors are also considering a major run based on the XRP price prediction, driving optimism for the approval of spot exchange-traded funds. The launch of Ethereum ETFs in the US in July cleared the course for more altcoin-based ETFs, with XRP and Solana quickly falling in line.

Ripple’s CEO Brad Garlinghouse has said before that an XRP ETF is inevitable. The company’s Chief Legal Officer, Stuart Alderoty, has echoed his words. Like Bitcoin, XRP is expected to benefit from the adoption of ETFs among traditional investors, who can now seek exposure to digital assets directly on stock exchanges. The approval of XRP ETFs could catalyze the next bull market.

XRP Eyes Bull Flag Breakout

After last week’s rally stalled at $0.64, XRP price corrected below $0.6 and tested support at $0.54 before reversing the trend to exchange at $0.57 on Tuesday.

As per the prevailing XRP price prediction, a major move awaits the token, which holds above key levels, such as the 50-day and 200-day Exponential Moving Average (EMAs). Bulls must also reclaim the 20-day EMA at $0.5732 to validate the uptrend and pave the way for a bull flag breakout.

A bull flag pattern, similar to a flag, establishes after an upward trend. A 22% breakout above the flag’s upper trendline signals a potential continuation of the uptrend to $0.69, offering a bullish trading opportunity.

Conversely, XRP price prediction points to potential consolidation between $0.54 support at $0.6 resistance. The Moving Average Convergence Divergence (MACD) neutral movement reinforces this sideways outlook. If XRP slides below $0.54, a correction to $0.5 support will follow before considering another move toward $1.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.