Like the rest of the cryptocurrency market, XRP is currently facing tough challenges as the price is stuck in a tight range.
However, prominent cryptocurrency trader Mikybull Crypto called XRP’s chart a “technical time bomb,” suggesting a price surge is imminent. This has given rise to hopes that XRP may be preparing for a massive surge reminiscent of its explosive growth in 2017.
Then the positive news started pouring in…
Grayscale, a major player in the cryptocurrency investment space, has launched the US XRP Trust, raising hopes for a potential XRP ETF. The move has everyone talking about what this means for the future of XRP.
So, what is an ETF? In short, it allows investors to buy shares that track the price of XRP without owning the cryptocurrency directly. This makes it easier for everyday investors and institutions to participate in XRP just as they would a regular stock. Many in the XRP community are excited, especially after a lengthy legal battle with the U.S. Securities and Exchange Commission (SEC).
They see Grayscale’s trust as a confidence in XRP’s long-term potential. However, some remain cautious due to regulatory uncertainty.
What does the CEO think of ETFs?
Brad Garlinghouse told Bloomberg: “We certainly welcome it, and I think it’s inevitable that there will be multiple ETFs around different tokens. Ripple is obviously a very important stakeholder in the XRP ecosystem, but we’re not the only one.” Which one will we see first: the XRP ETF or the Solana ETF?
Speaking on The Good Morning Crypto Show, attorney Fred Rispoli shared his thoughts on a potential XRP ETF, saying: “I believe it’s in the works. Since similar ETFs have already been created, all they need to do is replace ‘Bitcoin’ and ‘Ethereum’ with ‘XRP’ in existing filings. There’s no need to reinvent the wheel.”
He said the XRP Trust was being restarted after being shut down due to legal issues, and advised not to worry too much about any appeal in the Ripple case. The main issue is whether businesses feel confident in using XRP. Rispoli criticized Grayscale for discontinuing the XRP Trust, arguing that their indecision made them vulnerable to regulatory challenges.
Now that they seem more confident, he believes they are ready to restart it. He added that Ripple must act regardless of legal uncertainty. He also expects more ETFs to appear soon, especially for XRP or Solana, depending on the SEC's response and any changes in leadership before 2025.
Is XRP about to see a major breakthrough?
Comparing XRP's current price action with its 2017 price action shows that XRP's price is currently in a narrow range. Historically, when XRP is in this situation, it usually leads to a sharp rise in price, which makes many investors hopeful of a breakout for XRP. At the same time, "it looks like a price action formation from 2017," which recalls the explosive growth that XRP experienced seven years ago after a similar period of stability.
In 2017, XRP was trading quietly with little price movement. Then, it suddenly surged and hit a new all-time high. However, in 2018 the trend turned downward, resulting in a different price pattern. Currently, XRP’s chart shows tightening Bollinger Bands, an indicator of market volatility. Historically, when these bands tighten, it indicates that the asset is preparing to surge significantly. This has led many analysts to make bold predictions for the XRP price, predicting a big move soon.
Breaking expectations
XRP is also in a massive triangle pattern, approaching a critical breakout point. While analysts acknowledge that the breakout could occur either to the upside or the downside, the consensus favors an upward move. Some skeptics, taking into account various indicators, point out that XRP’s downside risk appears low.
XRP Price Reaches $4
Mikybull is optimistic about the future of XRP, viewing it as a technological time bomb that could explode at any time. While he did not specify an exact price target in his latest analysis, he previously proposed a realistic price target of $4. Other analysts are even more ambitious, predicting a surge to $300, referencing the historic gain of more than 75,000% in 2017.
As of now, XRP is priced at $0.58, down 84.75% from its all-time high of $3.4. As excitement in the community rises, the big question remains: Is XRP about to achieve a major breakthrough? All eyes are on how XRP will handle this big moment. In simple terms, Mikybull Crypto calls the XRP chart a "technical time bomb" that indicates a potential breakout.
Mikybull predicts a potential price target of $4 for XRP, with other analysts’ expectations more ambitious. The tight Bollinger Bands on the XRP chart suggest that a major price move is imminent.
