- XRP has hit a “triangle-cross” on the weekly chart, which suggests a bullish breakout is likely to occur.
- If the token can break out of the triangle pattern, it could see a significant rally.
- The target price for the breakout is $49.98.
After months of consolidating in a symmetrical triangle pattern, XRP is flashing signs of an imminent breakout. As per technical analysis, the token’s price has hit a “triangle-cross” on the weekly chart, which is a key indicator that suggests a bullish breakout is likely to occur. This positive development comes amidst renewed market optimism, fueled by recent ETF filings.
Market experts suggested that if XRP breaks out of the triangle pattern, it could see a significant rally. The target price for the breakout is set at $49.98, which would represent an impressive gain of over 100% from the current price level.
The token was constricted within a tight consolidation channel, as investors and traders speculated its next major directional move. In the past 24 hours, XRP continued to fall, although there has been a slight price increase; analysts are predicting further losses unless market conditions change.
Just a day before, reputed analyst Crypto WZRD posted on X that provided insights into the token’s market position. He said that XRP has closed the day without any clear directional movements and had stagnated in the daily trading range.
ETF Filing Could Boost XRP’s Accessibility and Liquidity
To add to that, Canary Capital applied to a spot XRP exchange-traded fund (ETF). This is the second filing after Bitwise last week and is in line with the growing trend where several institutions are entering the marketplace to offer investors alternative ways of exposure to digital assets.
Furthermore, the proposed ETF would allow investors to trade the digital asset without actually buying and holding the cryptocurrency directly via a regular brokerage account, without all the hassles and risks involved in that. In the October 8 filing, it stated that the ETF would track the prices of XRP by using the CF Ripple index provided by the Chicago Mercantile Exchange. Notably, it would avoid the usage of derivatives that may bring further risks.
