Bitcoin May Be Quiet Now but Institutional Flows Suggest a Bigger Move Ahead
XRP news update: Traders predict consolidation to $2.35 amid ETF speculation
- Altcoin
Cryptokeeper
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- 5 minutes read
XRP trades in a tight range between $2 and $2.35, but the next price breakout could be driven by ETF speculators.
Price Analysis
Key points:
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XRP struggles to break above the $2.35 resistance, pointing to a lack of demand at higher levels.
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Rising odds of an XRP ETF approval could catalyze the next leg of a XRP rally.
Bloomberg’s exchange-traded fund specialists Eric Balchunas and James Seyffart project a 95% possibility of XRP (XRP), Solana (SOL), and Litecoin (LTC) ETFs being greenlit by the US Securities and Exchange Commission in 2025.
Could XRP’s price consolidation act as a launch pad for the next move higher, or will the bears pull the price lower? Let’s analyze the charts to find out.
Buyers pushed XRP above the 50-day simple moving average ($2.24) on Monday, but the long wick on the candlestick shows selling at higher levels.
The 20-day exponential moving average ($2.17) is the key level to watch out for in the near term. If the price rebounds off the 20-day EMA with force, it increases the likelihood of a break above the $2.35 resistance. If that happens, the XRP/USDT pair may surge to $2.65.
Contrarily, if the price breaks and maintains below the 20-day EMA, it signals that the bears are trying to seize control. The pair could slide to $2.06 and later to $2. Buyers are expected to defend the $2 level with all their might because a close below it opens the doors for a fall to $1.61.
Related: XRP price predictions above $3 in 2025 have one major flaw
The 4-hour chart shows that the bears are fiercely defending the $2.35 level. There is support at the 50-SMA, but if the bears prevail, the pair could drop to $2.06. This is a critical level for the bulls to defend because a break below $2.06 may sink the pair to $2.
On the contrary, if the price turns up from the 50-SMA, the bulls will try to push the pair to the neckline of the inverse head-and-shoulders pattern. A break and close above the neckline completes the bullish setup, which has a target objective of $2.76.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
