According to Cointelegraph, XRP has experienced a notable price increase, rising 3% in the past 24 hours and 17% since its September 1 low of $2.69, now trading above $3. This upward trend is supported by both fundamental and technical factors, suggesting further gains. Analysts highlight the formation of bull flag patterns on the weekly chart, indicating a potential breakout to as high as $15. The smaller pattern, which formed in mid-June, was resolved when XRP surpassed the $3 mark, setting a target of $5.8. Meanwhile, a larger bull flag pattern, developing since November 2024, suggests an even higher target of $15.8, representing a 408% increase from current levels. Analyst Egrag Crypto also notes a megaphone pattern on the five-day chart, projecting a price of $7 by mid-November.
The launch of the REX-Osprey XRP ETF is another significant development for XRP. This ETF, trading under the ticker $XRPR, begins trading on U.S. exchanges following a 75-day review period by the SEC without objections. It is the first U.S. spot XRP ETF under full regulatory oversight, marking a milestone for XRP in mainstream finance. The ETF is structured under the Investment Company Act of 1940, allowing for a smoother approval process compared to the Securities Act of 1933. This launch could attract substantial institutional capital to XRP markets, as noted by ETF Store president Nate Geraci, who mentioned that futures-based XRP ETFs are nearing $1 billion in assets.
Additionally, Ripple's partnership with DBS Bank and Franklin Templeton to launch a tokenized money market fund on the XRP Ledger is expected to enhance XRP's real-world utility and network demand. This initiative involves establishing repo markets powered by tokenized collateral and stablecoins, potentially boosting XRP's price further. These developments collectively indicate a promising outlook for XRP, though investors are advised to conduct their own research and consider the inherent risks involved in trading and investment decisions.
