XRP Future Price Prediction: ETF Rumors Reignite 10x Bull Case – Here’s What Traders Expect

XRP (XRP) has gone up by nearly 5% in the past month as cryptocurrencies have made a strong comeback from their yearly lows.

Traders’ interest in the token has been improving as open interest has surged from $3 billion to $4 billion – a 33% increase – in the past week.

Meanwhile, the pseudonymous crypto analyst The Cryptonomist, whose X account is followed by nearly 138,000 users, shared an XRP price prediction that could result in a spike to the $2.5 level after the token retested a key trend line support.

However, this forecast pales in comparison to the market’s expectation of what could happen to the price if (or maybe once) an XRP-linked exchange-traded fund (ETF) is approved by the U.S. Securities and Exchange Commission (SEC).

Bloomberg’s ETF expert, Eric Balchunas, shared recently that the odds of approval have surged to 85% as of this year. Seven different asset management companies including Grayscale, Canary, and Bitwise have filed an application for an XRP-linked investment vehicle.

XRP Could Rise to $3.2 After Bullish Breakout

Looking at the daily chart, XRP remains above its 200-day exponential moving average (EMA), meaning that its uptrend is intact despite the latest weakness that the crypto market has experienced.

The price recently broke above the 21-day EMA as well with strong volumes, indicating that the token’s short-term outlook has now turned bullish.

Based on the size of the price channel that XRP recently broke, this bullish breakout gives us a short-term target of $3.2 for the token, resulting in a 45.5% upside potential based on today’s prices.

Market sentiment has improved significantly in the past couple of weeks as the Fear and Greed Index moved from a record low of 15 (Extreme Fear) to 52 (Neutral outlook). Moving forward, the 21-day and 200-day EMA are the key support levels to watch in the following weeks.

Although it may take a while for XRP to 10X, the approval of an ETF will likely propel the price to a fresh all-time high, meaning that XRP could at least 2X from its current levels once these investment vehicles are approved.

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