XRP is at a technical crossroads despite institutional investors’ thirst for XRP ETFs and rising odds of SEC approval.
XRP is showing indecision and signs of momentum weakness around the $2.00 key demand zone. According to CoinMarketCap data, XRP is fluctuating around the $1.99-$2.15 price range with no confirmed direction below or above this zone, at press time. The market is witnessing a battleground as both bulls and bears attempt to take charge.
Looking at the 4-hour chart, XRP’s setup suggests substantial bearish pressure as bulls attempt to hold the $2.10 key support zone. A recent price rejection near the $2.20-$2.35 supply zone appears to have triggered a change of character (CHoCH) and break of structure (BOS) to the downside.
A recent report by Bloomberg has revealed that the odds of XRP ETF approval by the SEC have risen to a new high of 95%. This suggests that XRP could be eyeing a major bull rally in the near term as market sentiment shifts. With major institutions thirsting for XRP ETFs and chances of approval, the retail market could fomo, triggering XRP’s exponential bull rally.
Analysts have pointed out that XRP’s multi-year chart shows a high probability of a parabolic rally based on historical technical patterns. With XRP flashing mixed signals, one should watch for volume and open interest to understand XRP’s next direction. If the bulls can reclaim the $2.3 zone, XRP’s mid-term rally to $5 and $10 could be on the cards.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
