XRP Price Prediction This Week: Will the Bulls Break Through?

XRP's price is holding steady, but can it continue to climb? This week's analysis looks at key levels, market indicators, and upcoming catalysts to predict XRP's next move.

XRP is currently trading around $3.10, up about 10% over the past week. Will it continue its climb, or cool off a bit? Let's dive into the analysis.

Key Levels to Watch

The 4-hour chart shows XRP broke out of its sideways range in early September. The price jumped from $2.70 to over $3.40 before settling back. The $3.00 level now acts as strong support. The next hurdle is $3.45-$3.50, where XRP has struggled. A clean break above this could pave the way to $3.66 and even $4.00. If $3.00 fails to hold, a drop back to $2.85 is possible.

Market Indicators: Cautious Optimism

Momentum is still positive, but not as strong as before. The RSI is around 56, down from overbought levels. Open interest is near $417 million, indicating traders are holding positions. Net shorts are higher than net longs, suggesting some caution and hedging.

Short-Term Outlook: Sideways Chop Before a Breakout?

If bulls defend $3.00, XRP could retest $3.45-$3.50. A strong close above that range targets $3.66 and potentially $4.00. However, if $3.00 breaks, a revisit to $2.85 is possible. Expect sideways movement between $3.00 and $3.50 until the next catalyst.

The ETF Factor: A September to Remember (and Beyond!)

The Rex-Osprey spot XRP ETF is set to debut. A daily close above $3.40 could set the stage for a breakout, with $4.50 as the next major resistance. The descending triangle pattern on XRP's price chart could act as a continuation pattern, increasing the odds of a bullish breakout.

October's Heavy Hitters: Franklin Templeton and WisdomTree

The real game-changer may come in October when major asset managers like Franklin Templeton and WisdomTree potentially receive approvals for their own spot XRP ETFs. Their products could expose XRP to a much larger pool of institutional investors.

Fed Rate Cuts and ETF Launch: A Volatile Mix

The Federal Reserve's upcoming meeting is another key event. A rate cut could trigger short-term volatility, but might pave the way for bullish momentum afterward. The Rex-Osprey ETF launch, while smaller in scale, provides a confidence boost.

The Hybrid Structure: Why It Matters

True spot ETFs will require issuers to hold XRP directly, creating a clear link between investor demand and XRP's price. The Rex-Osprey hybrid structure relies on third-party arrangements, raising uncertainty about its market impact.

Final Thoughts: Patience is a Virtue

XRP still looks like one of the stronger large-cap cryptos, but this week will reveal if the bulls have enough steam for another leg up. Keep an eye on those key levels and market indicators. In the meantime, HODL on and enjoy the ride! Crypto never sleeps, and neither should your portfolio planning.