🌎 XRP Forms Bullish Pennant Amid SEC ETF Approval Hopes

XRP Price Forms Bullish Pennant Chart Pattern Amid Rising Optimism for SEC Approval

The XRP price continues to consolidate, forming a bullish pennant chart pattern as expectations of the Securities and Exchange Commission (SEC) approving a spot Ripple ETF in 2025 rise. As of now, the XRP price is trading at $2.2, having fallen 25% from its highest point this year, indicating that it remains in a bear market.

XRP ETF Proposals and Potential Catalysts

Several companies, including Bitwise, Canary Capital, 21Shares, and WisdomTree, have already submitted their XRP ETF proposals. There is a growing likelihood that other prominent companies, such as Fidelity, Blackrock, and Ark Invest, will file their XRP ETFs due to the asset’s scale and their success in Bitcoin and Ether ETFs. Notably, Blackrock has accumulated over $52 billion in Bitcoin funds and $3.54 billion in Ethereum funds.

If a Ripple ETF is approved, the XRP price could experience a significant surge, similar to what occurred with Bitcoin and Ethereum ETFs earlier this year.

Regulatory Changes and Market Expectations

The nomination of Paul Atkins as the next SEC chair, following Donald Trump’s general election win, has raised hopes for a Ripple ETF. Analysts expect a few major ETF approvals in 2024, which could positively impact the XRP price.

In addition to the potential ETF approval, the XRP Ledger and the RLUSD stablecoin are gaining market share. According to recent data, the RLUSD has gained over $53 million in market cap a few weeks after launch.

XRP Price Forecast and Technical Analysis

The XRP price peaked at $2.90 in December and has retreated by 25% from its highest point this year. However, it has remained above the 50-day and 100-day Exponential Moving Averages, indicating that the uptrend is continuing.

The XRP price is currently in a consolidation mode, forming a bullish pennant pattern. This pattern, which can take a few days or weeks to form, comprises a vertical line, a flag pole, and a symmetrical triangle. A strong bullish breakout is likely to occur in the next few weeks as ETF odds rise.

If this happens, the next key level to watch will be at $2.90, the highest point this year, which is about 35% above the current level. A surge above that price will push it to $3 and potentially to $5.