XRP, the native cryptocurrency of the decentralized blockchain created by Ripple Labs, is still in the consolidation phase as big peers like Solana, Polkadot, and Cardano are falling by double digits.
ripple (XRP) was trading at $2.39 at last check on Saturday – a few points below its 2024 highs. However, key fundamental and technical catalysts could supercharge it in the next few months.
XRP whales are buying the dip
Whale accumulation is one of the most common bullish catalysts for cryptocurrencies as these investors are believed to be more sophisticated. Data suggests that XRP whales continued to accumulate coins as the mood in the cryptocurrency industry deteriorated.
According to Ali Martinez, a famous cryptocurrency investor who cited Santiment data, it showed that these whales bought 1 billion XRP tokens in the last 48 hours. This is an indication that they are optimistic about the currency.
Consider the approval of the Ripple ETF
Meanwhile, Polymarket traders are optimistic that the SEC will approve XRP exchange-traded funds, or ETFs, in 2025. Small poll With just $5,000 in assets, these odds are as high as 68%. last Survey worth $30,000 It puts the odds of the Ripple ETF being approved by July 31 at 51%.
These hopes remained high after Donald Trump won the election and promised to be a more crypto-friendly president. I have Nominated by Paul Atkins As the next Chairman of the SEC and began creating his own AI and Cryptocurrency Council.
Cryptocurrency ETFs have become very popular among investors. The ProShares Bitcoin ETF has more than $2.3 billion in assets, while the spot value Bitcoin ETFs It attracted inflows worth $36 billion. Bitcoin ETFs have over $107 billion in assets, while Ethereum ETFs have $11.6 billion.
In addition to XRP, cryptocurrency investors are betting on the potential approval of the Solana, Hedera Hashgraph, and Chainlink ETFs.
XRP price has bullish technicals
Ripple has also formed strong technicals that could push its price significantly higher in the next few weeks.
The daily chart shows that XRP is forming a bullish pennant pattern, which is one of the most common continuation signals in trading. The underside of the flag was at $0.4913, while a triangle pattern had been forming since December. An upward breakout often occurs when the two lines of the triangle are near their meeting point.
XRP remained above its 50-day moving average, while the MVRV fell to 2.5, indicating that it is undervalued. Therefore, the initial level to watch would be the extreme breakout point of the Murrey Math Lines followed by the 2024 high at $2.90 and then the psychological level at $3.
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