In the fast-paced world of cryptocurrency, XRP traders are buoyed by the increasing likelihood of a spot ETF approval, now pegged at an impressive 85%. This optimism comes hot on the heels of a leadership shake-up at the U.S. Securities and Exchange Commission (SEC), which has reinvigorated hopes for regulatory green lights.
A Shifting Regulatory Landscape
The potential approval of an XRP Exchange-Traded Fund (ETF) is seen as a pivotal moment for the altcoin, with analysts predicting that it could surge to unprecedented heights. According to Eric Balchunas, a senior ETF analyst at Bloomberg, the odds have significantly improved from the 65% chance estimated just two months ago. This shift is largely attributed to the recent changes in the SEC’s leadership, which many hope will foster a more favorable regulatory environment for cryptocurrency products.
The market’s optimism is not unfounded. A spot XRP ETF would likely attract substantial institutional investment, potentially driving up demand and, consequently, XRP’s market value. The crypto community eagerly anticipates the SEC’s next move, especially after the regulatory body postponed its decision on Franklin Templeton’s XRP ETF, setting a new review date of June 17.
Market Dynamics and Price Predictions
Despite the promising outlook, XRP experienced a 5% drop over the past 24 hours, coinciding with the release of U.S. GDP data that indicated a contracting economy. Yet, this short-term setback hasn’t dampened the spirits of traders and analysts, who remain bullish about XRP’s future. The altcoin is currently trading within a falling wedge pattern—a technical setup often seen as a precursor to a bullish reversal.
Technical analysts highlight that the pattern’s resolution could send XRP soaring, with a potential breakout above the $2.40 mark. Should this occur, traders are eyeing a target price of $3.74, which would constitute a significant 71% increase from its current levels. The relative strength index (RSI) remains above the midline, suggesting that market conditions still favor an upward trajectory.
Notably, traders like Dark Defender and Allincrypto express confidence in XRP’s long-term prospects. Dark Defender points out that the current correction phase is part of an Elliott Wave pattern, predicting a continued ascent. Meanwhile, Allincrypto has set an ambitious target of $19.27, contingent on a successful breakout from the falling wedge.
The Road Ahead: Opportunities and Challenges
With the probability of an XRP ETF approval climbing steadily, the crypto world is abuzz with speculation about the potential impacts on the broader market. Approval could usher in a new era of legitimacy and mainstream adoption for XRP, unlocking vast pools of institutional capital. However, uncertainties remain, particularly concerning the exact timeline for regulatory decisions.
Moreover, XRP must navigate critical price levels to sustain its recovery. Analysts emphasize the importance of maintaining support at $2.20 while overcoming resistance between $2.80 and $3.00 to fuel a sustained rally.
While the prospects are enticing, it’s crucial to approach predictions with a degree of skepticism. The cryptocurrency market is notoriously volatile, and external factors—ranging from economic indicators to geopolitical developments—could influence XRP’s trajectory. As always, traders are advised to conduct thorough research and consider the inherent risks before making investment decisions.
In conclusion, XRP stands on the cusp of what could be a transformative period. As the crypto community watches with bated breath, the interplay between regulatory developments and market dynamics will likely dictate the altcoin’s journey toward new all-time highs. Whether these projections materialize remains to be seen, but the potential for growth—coupled with the excitement surrounding ETF approval—keeps XRP firmly in the spotlight.
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This article is based on: XRP traders predict new all-time highs as ETF approval odds rise to 85%
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
