The XRP price is attracting significant attention as excitement grows around possible spot XRP ETF approvals in the coming weeks. At the same time, the coin has been forming highly bullish technical patterns, which could influence its short-term trajectory.
Growing Optimism for ETF Approval
Investor sentiment indicates that the likelihood of spot XRP ETF approval is rising sharply. Predictions from several platforms suggest that the Securities and Exchange Commission could approve these ETFs by the end of the year, with chances now exceeding 96%.
October appears to be the pivotal month. The first major deadline is for the Grayscale XRP ETF, scheduled for October 18, followed closely by submissions from 21Shares, Bitwise, Canary, WisdomTree, and Franklin Templeton in the subsequent days.
Several factors make approval more probable. Bitcoin and Ethereum ETFs have seen strong performance, attracting significant investor inflows. Moreover, a U.S. court recently confirmed that XRP is not considered a security, alleviating one of the main regulatory concerns. As a large-cap coin with a market value exceeding $180 billion and proven utility in payments, XRP continues to rank among the most actively traded tokens, with increasing spot and futures activity.
XRP Price Outlook Ahead of ETF Decisions
Technical analysis points to potential gains for the XRP price as ETF deadlines approach. On charts, XRP has formed a falling wedge pattern—a classic bullish continuation signal. The coin has already moved slightly above the wedge’s upper boundary and is attempting a retest, suggesting short-term upward momentum.
Additional bullish formations, such as a cup-and-handle and a bullish pennant, further support a positive outlook. XRP also remains above its 100-day moving average, reinforcing signs of strength.
The next key resistance level sits near $4.2970, which represents the extreme overshoot on the Murrey Math Lines. This upward movement is expected to occur ahead of ETF approvals. Following the announcement, a brief pullback is likely as investors take profits. However, renewed inflows may push the XRP price higher over time, potentially approaching the $5 mark.
Key Takeaways
- The XRP price could see short-term gains as ETF approvals draw closer.
- Technical charts indicate bullish formations, suggesting continued upward momentum.
- ETF approval may trigger a temporary spike to roughly $4.2970, followed by a minor retracement.
- Long-term prospects remain positive, with further gains possible once investor inflows resume.
