XRP, the native cryptocurrency of the decentralized blockchain created by Ripple Labs, is still in a consolidation phase as major peers like Solana, Polkadot, and Cardano are falling by double digits.
Ripple (XRP) traded at $2.39 at last check on Saturday – a few points below the highs of 2024. However, key fundamental and technical triggers could push it higher in the coming months.
XRP whales buy the dip
A whale rally is one of the most popular bullish catalysts for cryptocurrencies because these investors are believed to be more sophisticated. Data shows that XRP whales have continued to rally the coin as sentiment in the crypto industry worsens.
According to Ali Martinez, a popular crypto investor who referred to Santiment data, these whales showed that they bought 1 billion XRP tokens in the last 48 hours. That is a sign that they are optimistic about the medal.
Ripple ETF approval expected
Meanwhile, Polymarket traders are optimistic that the Securities and Exchange Commission will approve spot XRP exchange-traded funds, or ETFs, in 2025. A a small poll with just $5,000 in assets puts those odds at 68%. another poll with $30,000 putting the odds of Ripple ETF being approved by July 31 at 51%.
These hopes have increased after Donald Trump won the election and promised to be a more crypto-friendly president. He has Paul Atkins announced as the next SEC chairman and began to form his strategic and crypto advisory.
Crypto ETFs are very popular among investors. The ProShares Bitcoin ETF, while spot, has over $2.3 billion in assets Bitcoin ETFs has attracted more than $36 billion in inflows. Bitcoin ETFs have more than $107 billion in assets, while those of Ethereum have $11.6 billion.
In addition to XRP, crypto investors are betting on the possible approval of Solana, Hedera Hashgraph, and Chainlink ETFs.
The price of XRP is technically bullish
Ripple has also created a strong technical that could push its price significantly higher in the next few weeks.
The daily chart shows that XRP has been forming a bullish pennant pattern, one of the most popular continuation indicators in trading. The low side of the flag was at $0.4913, and the triangle pattern has been forming since December. A bullish breakout often occurs when the two lines of a triangle are near their confluence.
XRP has remained above the 50-day moving average, while the MVRV indicator has fallen to 2.5, an undervalued indicator. So, the first level to watch is the actual upside point of the Murrey Math Lines followed by the 2024 high of $2.90 and then the psychological level at $3.
