XRP Bulls Eye $15 as SEC ETF Approval Looms

XRP Price "Ready to Roll"? Analyst's Chart Sparks Debate Over $15 Target

Crypto market players have turned their attention to XRP after top crypto analyst Ali Martinez shared a striking symmetrical triangle chart, hinting at a potential target of $15. If the technical pattern plays out, XRP could be on the verge of a significant rally.

Martinez's chart shows a breakout from a long-term symmetrical triangle, a pattern that has historically brought about substantial price surges. Currently trading at $2.44, XRP is attempting to flip $2.75 into support before advancing higher.

If the breakout occurs, the Fibonacci extension tool points to a price target of $15, representing a potential 515% jump from the current level. However, the realization of this projection may depend partly on the SEC approving a spot XRP exchange-traded fund (ETF).

Adding to market speculation, Bloomberg analyst James Seyffart reported an increased probability of the SEC acknowledging Grayscale's 19b-4 filing for a spot XRP ETF on February 13th. Approval in this area could lead to substantial institutional inflow, potentially fueling a significant rally.

Examining the XRP price analysis, XRP is currently in a downward trend after a sharp rise in late 2024. The 20-day EMA is positioned at $2.59, while XRP is currently below it at $2.44. Should the altcoin reclaim this 20-day EMA, a bullish rally could become more likely for the digital asset.

Analyzing technical indicators further, the Relative Strength Index (RSI) registers a value of 40.34, suggesting momentum is neutral to slightly bearish. While a move above 50 would indicate increasing bullish strength, the gradient of the line indicates ongoing pressure from sellers.

Reviewing the Bollinger Bands, they indicate tightening volatility, which often suggests a notable price movement may be imminent. The XRP price action is currently situated in the bearish region of the Bands. However, the Accumulation/Distribution line also indicates increasing buying activity, pointing towards underlying buying pressure despite the pullback.