XRP News Today: XRP Eyes $34 as Double-Bottom and ETF Potential Drive Bullish Momentum

XRP is drawing renewed attention from analysts and investors as macro strategist Gert van Lagen identifies a completed double-bottom pattern over a seven-year period. Van Lagen notes that XRP has successfully retested this formation and is now positioned for a potential breakout. Using Fibonacci extension levels, he sets a first major upside target at $34, derived from the 2.00 extension of the pattern [1]. This forecast echoes a similar setup in 2017, which led to a significant price rally [1]. With XRP currently trading at $3.12, a move toward $34 would represent a substantial increase, although van Lagen emphasizes this is a conservative estimate, with potential for further gains should bullish momentum persist [1].

Steven McClurg, CEO of Canary Capital, has also voiced optimism about the future of XRP, particularly in the context of ETFs. He predicts that XRP ETFs could outperform Ethereum ETFs once they enter the market, a forecast gaining traction following the U.S. Securities and Exchange Commission’s (SEC) dismissal of its lawsuit against Ripple [1]. This regulatory development has significantly reduced uncertainties surrounding XRP’s status and improved the likelihood of an ETF approval. Prediction platform Polymarket now gives XRP a 88% chance of ETF approval in 2025, up from 53% the previous week [1]. Bloomberg analysts have further elevated the probability to around 95% [1].

McClurg highlights three key advantages of XRP ETFs over Ethereum ETFs. First, XRP does not offer staking yields, which makes the ETF structure more attractive as investors do not miss out on staking income [1]. Second, XRP’s leadership in cross-border payments and institutional settlements positions it as a strong competitor in the financial services sector [1]. Lastly, XRP’s large and engaged community supports strong retail and institutional interest in an ETF product [1]. Canary Capital has already filed for an XRP ETF and aims to launch it before the end of the year, using proprietary indices to enhance tracking accuracy [1].

The convergence of favorable technical indicators and a shifting regulatory landscape has fueled a wave of optimism around XRP. Analysts are drawing comparisons between the current setup and past bullish patterns, while investors are increasingly considering XRP as a viable alternative to Ethereum. With ETFs on the horizon and a growing consensus around XRP’s market potential, the cryptocurrency appears well-positioned for a significant price move in the near future.

Sources:

[1] From Double-Bottom to Moonshot: XRP Targets $34 as ETFs Gear Up to Outshine Ethereum https://coinpaper.com/10469/from-double-bottom-to-moonshot-xrp-targets-34-as-et-fs-gear-up-to-outshine-ethereum