XRP News Today: XRP Price Forms Bullish Cup-and-Handle Pattern Amid Growing Network Fundamentals

XRP’s price has entered a correction phase, declining 13% from its year-to-date high. Despite this, strong technical indicators and growing network fundamentals are creating a compelling case for a potential breakout. Analysts highlight that the price has formed a classic cup-and-handle pattern on the daily chart, with the upper boundary at $3.40 and the lower at $1.6135. The coin is currently in the handle phase of the pattern, often seen as a consolidation period before a significant move [1]. A smaller inverse head-and-shoulders pattern has also emerged within the handle, reinforcing the bullish setup. Moreover, the price has remained consistently above both the 50-day and 100-day Exponential Moving Averages, signaling that buyers are maintaining control [1].

XRP is also positioned near a critical support/resistance level on the Murrey Math Lines tool. A breakout above the year-to-date high of $3.65 could propel the price toward the psychological $5 level. However, if the price falls below the pivot point at $2.73, it could signal a breakdown of the bullish case [1].

On the fundamental front, the XRP Ledger is showing signs of robust growth. Over the past 30 days, the total value locked in the ledger has increased by 16% to $85 million. The network’s stablecoin activity has also surged, with over $167 million in stablecoins now on the ledger, predominantly Ripple’s RLUSD. The supply of RLUSD has grown to $642 million this year, indicating increasing adoption [1].

Looking ahead, the XRP Ledger is expected to experience a significant increase in activity with the integration of Ripple’s Hidden Road transactions. Additionally, Ripple’s recent acquisition of Rail is anticipated to strengthen its stablecoin strategy, potentially enhancing the utility and demand for XRP [1].

A potential regulatory catalyst for XRP is the possibility of ETF approval by the Securities and Exchange Commission. With a pro-crypto chair at the helm, there is speculation that most or all pending XRP ETF applications may be approved. Such developments could attract substantial inflows into the asset, particularly from institutional investors, who traditionally favor spot ETFs over leveraged ones [1].

Source: [1] Top reasons why XRP price is a coiled spring ready to pounce (https://crypto.news/top-reasons-why-xrp-price-is-a-coiled-spring-ready-to-pounce/)