XRP eyes breakout above $2.208 resistance as bullish patterns and whale accumulation hint at a potential major price surge.

ETF speculation and Elliott Wave analysis fuel optimism, with long-term price targets set at $3, $4.40, and $6.30.

Cryptocurrency analyst Fabio Zuccara has identified a symmetrical triangle pattern on the XRP chart. This pattern is often seen as a precursor to sharp price moves, making it a technical factor to watch closely.

The token is currently trading at a crucial juncture. It has managed to stay afloat and is holding steady around $2.19, showcasing resilience despite a minor 0.3% weekly dip. However, it is still facing pressure from the 50-day Exponential Moving Average (EMA) at $2.208, posing a hurdle to further upside.

Crucially, XRP is trading slightly above its 20-day Simple Moving Average (SMA) at $2.167, suggesting that sellers might intervene if the price drops to these levels.

A breakout above the EMA at $2.208 could push XRP towards the next resistance levels at $2.27, $2.33, and possibly beyond $2.50. However, failure to break out might lead to a retest of support at $2.068 or even $1.993.

On lower timeframes, XRP continues to form bullish price structures with higher highs and higher lows, keeping traders on alert for a decisive move.

On-Chain Data Highlights Institutional Interest

The latest on-chain data from ChainArgos reveals that over 200 million XRP were added last week to wallets holding between 10 million and 100 million tokens.

This influx of coins suggests a shift in sentiment among institutions, which might be preparing for a larger price surge.

Furthermore, a notable whale transaction saw 29.5 million XRP (worth over $64 million) moved from one institution to another. The coins were transferred from a wallet holding 1 billion to 3 billion XRP to a Coinbase-related account.

According to senior analyst at ChainWave Metrics, Sasha Varela, this volume of activity is not retail-driven. Rather, it reflects informed buyers who are preparing for or expecting a significant price move.

This aligns with the anticipation surrounding a potential ProShares XRP spot ETF, which is heating up as several interesting developments unfolded last week.

ETF Speculation and Optimism

Speculation around a potential ProShares XRP spot ETF is heating up.

Linda Moh, ETF strategist at WaveX Funds, notes that ETF anticipation alone can drive FOMO-led rallies, especially when combined with technical strength and whale accumulation, setting the stage for a "perfect storm" that could lead to a swift and decisive breakout.

Crucially, Moh highlights that FOMO-induced rallies tend to be sharp and swift, making them ideal for leveraged traders to capitalize on quickly.

Moreover, ETF approval would mark a significant regulatory milestone for Ripple and the broader altcoin market, potentially paving the way for a broader wave of crypto ETFs to follow.

This optimism is reflected in recent price movements, with XRP managing to stay afloat despite a minor setback.

Key Support Levels

As the battle between bulls and bears continues to unfold, it will be crucial to keep an eye on key support and resistance levels.

If support at $1.993 is lost, the next key level to watch on lower timeframes is $1.88, which is the lower fib on the 3-3-5 wave count.

On the other hand, if the bulls manage to push through the 50-day EMA at $2.208, the next fib resistance is at $2.27, followed by $2.33. A breakout above $2.50 could open the door to further upside towards $2.68.

Finally, crypto analyst Dark Defender believes that XRP is currently in the final phase of a fifth wave Elliott structure. He expects the final wave to take XRP up toward $3, setting up potential targets at $4.40 and $6.30, as long as XRP manages to stay above the key support level of $2, which is the fib at $1.993.