XRP traders predict new all-time high as ETF approval odds rise to 85%

Key points:

XRP prices have fallen by 5% over the past 24 hours as U.S. GDP data shows the economy is growing.

But growing hopes for strengthening market structure and investors for U.S. XRP ETF approval suggest that the alternative token may revisit its April peak in the near term at a price of $2.36.

The technical chart currently shows XRP (XRP) trading in a dropped wedge pattern. The “Downward Wedge” is a bullish reversal chart pattern that includes two fusion trend lines that connect lower lows and lower highs. This convergence indicates a weakening downward momentum.

The model will resolve when the price drops above $2.40, and if that happens, buyers may target a price of $3.74, which is 71% higher than the current price.

The relative strength index (RSI) is higher than the midline, indicating that market conditions are still conducive to rising room.

However, in order to maintain a sustained recovery, XRP price must first keep support at $2.20 and then overcome resistance between $2.80 and $3.00.

Several analysts remain optimistic about Altcoin’s ability to rebound to all-time highs, with the popular Trader Dark Defender saying the ongoing correction is part of the Elliott Wave model and will eventually see “XRP continues to climb to its highest point.”

Trader Allincrypto believes that based on the breakout of the drop wedge pattern, XRP’s “reached $19.27”.

“Where we are backing off is the perfect textbook, and we emphasize the drop wedge that exists on XRP, which ultimately only extends to $19.27.”

Related: What are XRP futures and how to invest in them?

XRP ETF approved approval odds rise in 2025

Bloomberg senior ETF analysts say five positions including Grayscale, 21shares, Wisdomtree, Bitwise, Canary and Franklin Templeton XRP ETFs received 85% chance of approval after the SEC leadership changes.

This is a significant improvement from the forecast two months ago, which gives the chance of XRP approval in 2025 at 65%.

Similarly, betting odds that have been approved by the XRP ETF by December 31 are now 80%, on Polymarket. The likelihood of approval has accounted for 17% of the support for the bullish crowd over the past week, about 63% on April 23.

Meanwhile, on April 29, the SEC delayed its decision to Franklin Templeton’s live XRP ETF and set a new comment deadline on June 17.

The approval of these ETFs can unlock institutional capital, thereby expanding demand for XRP. Although the approval schedule is unclear, they will mark a step towards mainstream adoption of XRP.

This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.