XRP News Today: Institutional Green Light Nears as XRP Edges Toward $5 Breakout

Analysts are urging XRP holders to remain patient, warning against premature selling as the asset appears poised for a potential breakout. The growing likelihood of a U.S. Securities and Exchange Commission (SEC) approval for XRP-based exchange-traded funds (ETFs) has lifted market sentiment. As of recent, the odds of approval by December 31, 2024, have climbed to 87% on prediction market platform Polymarket, up 23% from mid-August levels. This surge in confidence is driven by the imminent decision dates for several XRP ETF proposals, including the Franklin Templeton XRP ETF due on November 14 and others between October 18 and October 25.

Technical analysts have noted a bull flag pattern on XRP’s daily chart, a continuation pattern signaling potential for a sharp upward move. The pattern suggests a price target of $5 if key resistance levels are breached. As of now, the price is consolidating near $3, just below the upper trendline of the bull flag. A daily close above this level would confirm the pattern and potentially open the path for a 77% rally from current levels. However, bulls must first overcome the 50-day simple moving average at $3.08, as well as the $3.40 and $3.66 multi-year highs. On the downside, support is seen around the 100-day and 200-day moving averages at $2.68 and $2.48, respectively. Analysts such as Crypto Pulse have emphasized the importance of holding above $2.75 to maintain the bullish structure.

The potential approval of XRP ETFs is expected to open the door to institutional investment flows, which could significantly boost demand for the asset. Currently, over 11 XRP ETF proposals are under review by the SEC, following a 2024 legal victory by Ripple that clarified XRP’s non-security status for certain retail transactions. Market participants and industry observers, including Nate Geraci of the ETF Store and Bloomberg analyst Eric Balchunas, believe the approval is nearly inevitable, with estimates of a 95% or even 100% chance of approval. Such a development would align XRP with the successful Bitcoin and Ethereum ETFs, which have drawn billions in inflows.

In parallel, proposed rule changes by major exchanges such as Cboe, NASDAQ, and NYSE Arca aim to streamline the approval process for crypto ETFs. These changes could reduce the regulatory backlog and expedite XRP’s inclusion in the ETF landscape. The new criteria focus on trading volume, liquidity, and regulatory compliance. XRP is expected to meet these conditions by mid-September, making it a strong candidate for fast-tracked approval. Galaxy Research has highlighted that XRP, along with Solana, meets two of three current listing conditions, further reinforcing its viability for ETF inclusion.

Despite the positive technical and regulatory outlook, XRP has faced recent volatility. In early September, the price dropped to a week-low of $2.6958, losing its position among the top-three cryptocurrencies by market capitalization to Tether’s USDT. However, the recent rebound to $2.82 has erased some of those losses, and analysts remain cautiously optimistic. The formation of a falling wedge pattern and the token’s proximity to key support levels have led some to predict a potential rise to $4.2 and beyond, with further upside to $5 if momentum continues.

In summary, XRP is at a pivotal juncture, with technical indicators and regulatory developments both pointing toward a possible bullish breakout. Investors are advised to monitor key resistance levels and SEC decisions in the coming months as the market awaits potential institutional adoption and price re-rating.

Source:

[1] Classic XRP price chart pattern targets $5 as spot ETF reality draws closer (https://cointelegraph.com/news/classic-xrp-price-chart-pattern-5-spot-etf-reality-draws-closer)

[2] What to expect from XRP price if the SEC green-lights ETFs (https://www.fxstreet.com/cryptocurrencies/news/ripple-price-forecast-how-the-sec-could-fast-track-approval-of-xrp-etfs-202509021715)

[3] What's next for XRP price as ETF approval chances hit 87%? (https://crypto.news/whats-next-for-xrp-price-as-etf-approval-chances-hit-87/)

[4] XRP Knocked Out of Top 3 by USDT Following Sharp Drop (https://cryptopotato.com/xrp-knocked-out-of-top-3-by-usdt-following-sharp-drop/)

[5] Bybit - Markets, Trading Volume & Trust Score (https://www.coingecko.com/en/exchanges/bybit_spot)