#AirdropSafetyGuide XRP traders anticipate new all-time highs as the chances of ETF approval rise to 85%
Key takeaways:
The chances of approval for the XRP ETF have increased to 85% following a change in SEC leadership.
Analysts predict that XRP may rise to new all-time highs again in 2025.
The price of XRP fell 5% in the last 24 hours, as US GDP data showed a contracting economy.
However, a strengthening market structure and growing investor hope for approval of the spot XRP ETF in the United States suggest that the altcoin may revisit its April peak of $2.36 in the short term.
Technical charts currently show XRP (XRP) trading within a descending wedge pattern. A "descending wedge" is a bullish reversal chart pattern consisting of two converging trendlines connecting lower lows and lower highs. This convergence indicates weakness in the bearish momentum.
The pattern will be resolved when the price breaks above the upper trendline at $2.40, and if that happens, buyers may target $3.74 next, representing a 71% increase from the current price.
The relative strength index (RSI) is above the midpoint line, indicating that market conditions still favor the bulls.
However, to sustain the ongoing recovery, the price of XRP must first maintain support at $2.20 and then overcome resistance between $2.80 and $3.00.
Several analysts remain optimistic about the altcoin's ability to recover to all-time highs, with popular trader Dark Defender saying that the ongoing correction is part of an Elliott Wave pattern that will eventually see "XRP continue its rise to the top."
Fellow trader Allincrypto believes that XRP is "heading towards $19.27" based on a breakout from a descending wedge pattern.
"Where we are pulling back is perfectly textual, and we highlight a descending wedge that was present in XRP that ultimately was just going for a continuation to $19.27."
The chances of approving an XRP ETF in 2025 are increasing.
Senior analysts at Bloomberg said that the five spot XRP ETFs, including Grayscale, 21Shares, WisdomTree, Bitwise, Canary, and Franklin Templeton, have an 85% chance of approval following the leadership change at the U.S. Securities and Exchange Commission (SEC).
This is a significant improvement from their forecast two months ago, which set the chances of XRP approval in 2025 at 65%.
Similarly, the betting odds for approval of the XRP ETF by December 31 are now at 80% on Polymarket. In the past week, the probability of approval fluctuated 17% in favor of the bullish crowd, which was around 63% on April 23.
Meanwhile, on April 29, the SEC postponed its decision on the Franklin Templeton spot XRP ETF, setting a new review deadline for June 17.
The approval of these ETFs could unlock institutional capital, increasing demand for XRP. Although approval timelines remain uncertain, they would mark a step towards mainstream adoption of XRP.
