Wisp
Doge Pepe
Crawlerpad
Zylo Ecosystem
Pearl
Basic Attention
Quantus
Key Highlights:
- Technical indicators point to easing selling pressure for the XRP price, with targets of $4.80 if Bitcoin stabilizes.
- Based on historical price cycles, some models suggest an XRP price breakout above $3.65 could drive XRP to $23.
- Tidal Trust II submitted an SEC filing for a leveraged XRP ETF offering 150%–200% exposure with an income strategy.
Ripple’s native cryptocurrency XRP shows signs of a bounce back amid the recovery of the altcoin market. XRP price surged to $3 again on developments around the XRP ETF. Market analysts are curious whether we could see a breakout and a bull run ahead for the Ripple cryptocurrency.
XRP Price Action Depends on BTC Move
With a 17% drop on the monthly chart, Ripple’s native crypto XRP has been gripped by the bears recently. XRP price has slipped below its 0.382 Fibonacci retracement level at $2.96.
However, it continues to hold above the 0.5 retracement at $2.77, keeping the broader bullish structure intact.
Analysts noted that the altcoin is currently between the resistance of $2.97 and the support of $2.77. It is crucial to decide the next move. Market sentiment suggests that if Bitcoin extends its decline toward $112,000, XRP could retest the $2.77 support.
On the other hand, technical indicators such as the Relative Strength Index (RSI) suggest that the selling pressure is easing. A confirmed bounce above $2.96 and $3.21 would signal a return to the consolidation zone. It would also strengthen the bullish outlook.
Thus, once Bitcoin completes its corrective phase, the XRP price macro target remains at $4.80. Market analysts believe this setup could favor large-cap altcoins like XRP, achieving new all-time highs before Bitcoin.
XRP Price Rally to $23 Can’t Be Ruled Out
Market analyst EGRAG Crypto has highlighted critical price zones that could define XRP’s next major move. The analyst uses a logarithmic regression model and a unique formation called the “Bent Fork.” This highlights the bullish breakout potential and key risk areas to watch.
The above chart shows a regression channel on a logarithmic scale to track XRP’s historical parabolic cycles. According to the model, XRP is currently in its third major cycle, testing the mid-point of the channel.
On the other hand, the Bent Fork formation hints at boundaries that define the make-or-break event for the XRP price. The analyst points out the July 18 high of $3.65 as the critical breakout level.
A close above this price could propel XRP into price discovery, targeting what EGRAG terms “Valhalla” at $23. This aligns with the upper boundary of the Bent Fork. This projection is based on past patterns.
There, XRP price reached the upper arch in previous cycles: $0.0614 in December 2013 and $3.30 in January 2018. If history repeats, a move beyond $3.65 could trigger a similar surge toward $23. This marks a new all-time high for the asset.
XRP ETF OshowsOn Radar
Tidal Trust II filed a post-effective amendment with the SEC on August 20. The filing aims to register the Defiance Leveraged Long + Income XRP ETF.
This ETF offers 150%–200% leveraged exposure to XRP’s daily price movements. It also includes an options-based income strategy to boost returns and manage risk.
The proposed XRP ETF combines leverage with an options-based income strategy. Besides, it aims to deliver higher returns while generating steady cash flow for investors. Its primary objective is long-term capital growth, with income generation as a secondary goal.
The fund will help boost XRP’s exposure and employ credit call spreads to generate additional income and mitigate leverage-related risks. This structure could open new avenues for institutional investors.
This includes pension funds, insurance firms, and retirement portfolios, to gain broader exposure to XRP. The US SEC has maintained silence so far and delayed the approvals of the previous XRP ETF proposals.
With this, the final rulings are set for October. The Polymarket data shows a 78% chance of approval for an XRP ETF by the year’s end.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
