XRP price is currently testing the upper trendline of a multi-month falling wedge pattern with a potential target of $3.75 in August.
Japanâs SBI Holdings, Rippleâs key partner in Asia, has filed to launch an XRP ETF in the country.
Rippleâs native cryptocurrency XRP has been showing strength recently, with bulls reclaiming the crucial support at $3.0. Market analysts believe that the road to $5 remains intact for the altcoin. XRP has been flirting with $3 levels for some time, keeping investors on the edge of their seats.
đ¸XRPâs Upside Path to $5 Remains Intact
As mentioned in our previous story, XRP continues to follow its anticipated bullish trajectory, with the upside impulse showing no signs of invalidation.
According to recent technical analysis by More Crypto Online, the cryptocurrency has responded precisely to the 50% Fibonacci retracement level, the final support level for the ongoing yellow wave (4), reinforcing the case for further gains.
The analyst noted that as long as any short-term pullbacks remain corrective in nature and XRP holds above the recent weekend low, the yellow wave scenario, which targets a move above $5, remains valid. Furthermore, the analyst also noted a white scenario as the possible outcome.
đ¸Whereâs XRP Heading This August?
XRP price chart is forming a falling wedge pattern, similar to the one it formed between December and January, which shows that a breakout possibility could lead to a strong upside in August. XRPÂ is holding firm above the 50-day EMA as of now.
Thus, further breakout above the 20-day EMA could lead to a 70% upside from here. A similar pattern formation in January led to a rally from $2 to $3.39.
As of Tuesday, XRP is testing the upper boundary of its multi-month wedge pattern, signaling a potential breakout toward $3.75, a gain of over 20% from current levels expected in August.
However, failure to break above this resistance could delay the rally, with the price likely to retest the 50-day EMA as immediate support. A decisive close below that level could lead to a decline toward the wedge apex near the 200-day EMA around $2.34.
On the other hand, the Ripple ecosystem continued to gain fundamental strength with strong on-chain metrics. All eyes are currently on the spot XRP ETF approval in the US. Japan-based SBI Holdings, Rippleâs biggest partner in Asia, is working in this direction at the moment, as reported by CNF.
Japanâs SBI Holdings has filed to launch two cryptocurrency-related exchange-traded funds: the âCrypto-Assets ETF,â which provides direct exposure to XRP and Bitcoin, and the âDigital Gold Crypto ETF,â which allocates more than 50% of its holdings to gold ETFs alongside crypto assets.
