Bullish Catalysts for XRP
The price of Ripple (XRP) reached $2.31 on Monday, June 9, up by 10% from its monthly low and 40% from the yearly low. Discover the two key factors that could drive its price upwards in the long term.
Potential Approval of an XRP ETF by the SEC
Firstly, the likelihood of the SEC approving a physical ETF on the Ripple token has increased to 87% on Polymarket. This progress is attributed to the growing support from the SEC, led by Paul Atkins. Approval of such an ETF could lead to massive capital inflows, with projections of over $8 billion in the first year according to JPMorgan.
This outlook, coupled with increasing adoption in countries like Singapore and Dubai for cross-border payments, enhances demand. The surge in futures contracts volume, up by 201.98%, reflects intense speculation, with traders betting on short-term volatility, as per Coinglass.
Short-Term Price Target for XRP
From a technical standpoint, the primary risk for the token is the formation of a descending triangle pattern, with a key support at $1.9255. A break below this level could signal a further decline, potentially down to $1.3 or $1.00.
On a weekly basis, the token price demonstrates significant potential. Indeed, for several months, it has held and consolidated above its previous cycle’s ATH. According to Fibonacci, XRP could reach $6.7 by the end of the year, representing an increase of over 200% in the coming months.
“The macroeconomic setup is in a ‘W’ shape, specifically setup number 10. We are holding above previous all-time highs and Fibonacci 1 since December 2024, an obvious sign of bullish accumulation.” wrote analyst Egrag.
Insight from a Crypto Expert on Token Price
A crypto influencer with over 84,000 followers predicts that XRP will rise from $2.26 to $27 following ETF approval. He relies on a positive flag formation on the monthly chart and a technical framework called the “ark guardian” to project these price levels.
Egrag’s intermediate targets are $6.7 and $17 in the coming months.
While these forecasts are ambitious, they indicate that Ripple’s token could experience a substantial increase in the coming years, if certain bullish catalysts materialize. As always, it is recommended to research before investing in XRP or any other cryptocurrency.
How to Buy XRP on Bitget ?
- Create an Account: Sign up on Bitget via their website or mobile app to explore XRP.
- Complete your KYC: Verify your KYC for compliant protection in 2025.
- Deposit Funds: Add fiat currencies (USD, EUR) or cryptos (BTC, USDT) to your wallet.
- Buy XRP: Access the spot market, select the XRP/USDT pair, and place your buy order.
