XRP News Today: XRP's Falling Wedge Pattern Signals 48% Price Surge to $3.40

XRP, the cryptocurrency associated with Ripple, is currently exhibiting a falling wedge pattern on its daily chart, a technical formation that is typically indicative of a bullish reversal. This pattern suggests that XRP could be poised for a significant price surge, with analysts predicting a potential 48% increase to $3.40. The falling wedge pattern is characterized by two converging trend lines that connect lower highs and lower lows, signaling a weakening downward momentum. If XRP breaks above the upper trendline of the wedge at $2.42, it could trigger a rapid price increase, targeting the technical objective of $3.40.

The relative strength index (RSI) for XRP has risen from 31 on April 8 to 47, indicating growing bullish momentum. However, for the recovery to be sustained, XRP's price must first hold the support level at $2.20 and then overcome the resistance between $2.60 and $2.80. Several analysts are optimistic about a rebound, with pseudonymous trader Cryptowzrd suggesting that a validation of the falling wedge could push XRP toward $2.90. According to the trader, a breakout of the wedge could drive the market toward the $2.80 resistance, and above that, XRP could reach a new all-time high.

Adding to the bullish sentiment, the US Securities and Exchange Commission (SEC) has begun reviewing a spot exchange-traded fund (ETF) application by the WisdomTree XRP Trust. This ETF would provide investors with exposure to XRP, tracking its price through the CME CF Ripple-Dollar Reference Rate. The SEC's review, which includes a 21-day public comment period and a 240-day review timeline, reflects a structured evaluation of investor protection and market manipulation risks. The betting odds for an XRP ETF approval by Dec. 31 now stand at 84% on Polymarket, with the probability of approval having increased by 21% over the past month.

Approval of these funds could unlock institutional capital, amplifying demand for XRP and potentially driving prices toward $3-$8. Some analysts predict that XRP's price could go as high as $50 if major players like BlackRock step in. However, it is important to note that every investment and trading move involves risk, and readers should conduct their own research when making a decision.