TLDR
- XRP is expected to outperform Ethereum as Ripple ETF approval odds rise to 87% by year-end.
- Analysts believe XRP’s consolidation near its all-time high signals a potential breakout.
- The relative strength index for XRP shows signs of recovery, indicating possible price movement.
- XRP has maintained key support levels, strengthening the case for an upward move.
- Ripple ETF approval could attract up to $5 billion in investments within the first month.
Crypto analysts are growing increasingly bullish on XRP, expecting it to outperform Ethereum (ETH) in the near term. Despite recent rejections preventing XRP from holding above $3.0, analysts remain confident as long as it holds support at $2.80. The increasing odds of Ripple ETF approval have further fueled this optimism, with approval chances now at 87% by year-end.
XRP’s Consolidation Signals Potential Breakout
CrediBULL Crypto, a well-known crypto analyst, pointed out that XRP is finishing its ninth consecutive month of consolidation. This period near XRP’s previous all-time high suggests a potential breakout in the near future. “The consolidation signals that XRP may be ready for its next upward move,” said CrediBULL Crypto.
XRP has held its ground at key support levels, particularly in the XRP/ETH pair. The support levels indicate that XRP could be gearing up for a strong price movement. Analysts also believe Ethereum may enter a cooling-off phase after its recent rally.
The relative strength index (RSI) is showing signs of recovery, reinforcing the bullish sentiment. Furthermore, confirmed bullish divergences on the XRP/ETH pair are increasing market expectations of an upward movement. “We are currently in the process of printing a bull divergence on the D3 timeframe as well,” added CrediBULL Crypto.
Growing Optimism Around Ripple ETF Approval
The odds of an XRP ETF approval have surged dramatically, now sitting at 87%. This rise in approval odds comes amid growing confidence in Ripple’s future. Many experts believe the Ripple ETF could attract significant investments once approved, potentially raising $5 billion in the first month alone.
ETH Store President Nate Geraci emphasized the growing demand for spot XRP ETFs, calling the approval odds “closer to 100%.” He noted that investor interest in Ripple ETFs could far exceed expectations, especially with rising institutional demand. The potential launch of Ripple ETF could provide XRP with substantial momentum.
As the October deadline for SEC’s review of Ripple ETF filings approaches, analysts remain optimistic. Multiple firms, including Canary, WisdomTree, and Franklin Templeton, have filed ETF applications for XRP. The outcome of these filings could serve as the biggest catalyst for XRP’s price movement in the coming months.
