Is an Upward Trend Emerging for XRP ?

The cryptocurrency market is constantly evolving, and now one token appears poised for a significant increase in the coming weeks.

What Happened: As the cryptocurrency market navigates new highs and lows, several tokens are showing signs of recovery and potential breakout. Among them, XRP is being closely watched by traders as it forms bullish price structures over shorter periods, forming higher highs and higher lows, which are keeping traders alert.

Despite a slight 0.3% weekly drop, leaving the token around $2.11, over shorter periods, it continues to move up. This stability could signal a major price surge ahead.

Over shorter periods, the token continues to move up, and despite a slight 0.3% weekly drop, leaving the token around $2.11, over shorter periods, it continues to move up.

The Stability Could Signal A Major Price Surge Ahead

Over shorter periods, the token continues to move up, and despite a slight 0.3% weekly drop, leaving the token around $2.11, over shorter periods, it continues to move up.

The token is currently trading just above its 20-day simple moving average at $2.167, facing resistance near the 50-day exponential moving average at $2.208. A breakout above this resistance could propel XRP towards Fibonacci levels at $2.27, $2.33, or even beyond $2.50. However, in case of a failed breakout, a retest of support at $2.068 or even $1.993 could be considered.

"This volume is not retail-driven. It reflects informed buyers anticipating a significant price move," added senior analyst at ChainWave Metrics Sasha Varela.

Speculation around a potential XRP ProShares ETF is also heating up, with analysts currently estimating an 80% approval probability.

"Merely anticipating an ETF can trigger fear-of-missing-out rallies, especially when combined with technical strength and whale accumulation," explained Linda Moh, ETF strategist at WaveX Funds.

An ETF approval would mark a significant regulatory advancement for Ripple and the broader altcoin market.

What's Next: With bullish technical patterns emerging, institutional interest increasing, and optimism surrounding ETFs, all eyes are now on XRP's ability to break the $2.208 resistance. The next move could define XRP's momentum for the coming weeks.

According to crypto analyst Dark Defender, XRP is in the final phase of a Elliott five-wave structure, forecasting an increase towards $3, with potential targets at $4.40 and $6.30, as long as XRP stays above $2. Key immediate support is at $1.88.