After months of consolidating in a symmetrical triangle pattern, XRP is flashing signs of an imminent breakout. As per technical analysis
Technical analysis suggests that XRP is poised for a bullish breakout from a symmetrical triangle pattern on the weekly chart, indicating a potential price surge to $49.98, which would mark an over 100% gain from the current level.
This development comes amid renewed market optimism following recent ETF filings. However, XRP's price movements in the past 24 hours have shown a continued decline despite a slight price increase, leading analysts to anticipate further losses unless market conditions change.
On the other hand, a reputed analyst, known as Crypto WZRD, provided insights into XRP's market position a day prior, highlighting that the token closed the day without any clear directional movements and had stagnated in the daily trading range.
Meanwhile, Canary Capital has filed for a spot XRP exchange-traded fund (ETF), adding to the growing trend of institutions entering the market to provide investors with alternative access to digital assets.
The proposed ETF would allow investors to trade XRP without having to directly purchase and hold the cryptocurrency, instead enabling them to trade the digital asset through a regular brokerage account.
The filing on October 8 further states that the ETF would track XRP prices using the CF Ripple index provided by the Chicago Mercantile Exchange, avoiding the use of derivatives that could introduce additional risks.
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