Breaking: A key price threshold could trigger a considerable rally for XRP, according to crypto analyst CW, as the first spot XRP ETF prepares to launch this Thursday.
‘The Real XRP Rally Has Yet to Start’
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Analyst CW, posting on platform X, believes XRP’s notable price surge will begin once it surpasses it’s all-time high. “Remember that the real rally for XRP only starts after breaking the all-time high. It is getting closer,” CW stated.
XRP’s current trading price is around $3.05, needing a more than 20% increase to exceed its record high of $3.66. CW points to ancient bull market patterns where breakthroughs of previous highs catalyzed substantial price increases.
Potential Price Target: $21.5?
CW’s analysis suggests XRP is following a pattern of prolonged consolidation followed by rapid price increases, similar to what occurred in 2017. Utilizing a Fibonacci projection – a technical analysis method – CW projects a potential price target of $21.5, representing an almost 600% increase from the current price.
Analysts Anticipate Macroeconomic Support
Analyst Casitrades also forecasts a considerable price rise for XRP, noting its recent breakout from a key consolidation pattern. She cites a price target of $4.50 and anticipates continued momentum in the coming weeks.
Broader economic conditions could further bolster XRP’s price.A potential interest rate reduction by the US Federal Reserve could increase investor confidence in risk-on assets like cryptocurrencies.
First XRP Spot ETF launching
Adding to the positive outlook,the first spot Exchange-Traded Fund (ETF) for XRP is set to launch on Thursday. this hybrid fund is a collaboration between asset managers Rex Shares and Osprey Funds.
Moreover, the US Securities and Exchange Commission (SEC) is expected to issue decisions in October regarding other spot XRP ETF applications. Approvals could considerably increase demand for XRP and afterward impact its price.
