XRP has ignited an upward trend by breaking through a notable Bull Flag pattern on the weekly chart. Accordingly, some traders have set a long-term target price of $15 (approximately 208.5 million won). With technical indicators turning favorable, the U.S. Securities and Exchange Commission's (SEC) withdrawal of ETF approval continues to act as another variable.
XRP's price has been hovering since the beginning of the year, encountering resistance around $3.50 (approximately 48.65 million won). However, recently breaking through this resistance line has made the bullish reversal signal clearer. Trading analyst Ali notes that the large Bull Flag on the weekly chart has been released, presenting the next resistance levels for XRP as $4.17 (approximately 57.96 million won), $4.63 (approximately 64.36 million won), and $5.01 (approximately 69.59 million won). Ultimately, the psychological resistance of $15 (approximately 208.5 million won) remains open. However, he warned that if the price falls below $3 (approximately 41.70 million won) again, the technical pattern could be invalidated.
The technical indicator 'MACD' has also turned bullish. With the blue MACD line rising above the orange signal line, an upward momentum has formed, and the histogram has also turned green, supporting buying sentiment. Analysis suggests this is similar to the signal that predicted XRP's multi-week rally last year.
The positive trend continues from the Fibonacci extension line perspective. Having already broken through the 0.618 level at $2.55 (approximately 35.45 million won), XRP is heading towards the next extension point at the 1.618 level, which is $5.32 (approximately 73.99 million won). Analyst Mikybull Crypto noted that XRP showed a significant rise after a similar convergence pattern at the end of 2024, and currently evaluates a similar bullish trend is unfolding.
Meanwhile, the SEC is increasing uncertainty about altcoin-related ETFs, including XRP, by blocking Bitwise's attempt to convert the '10 Crypto Index Fund' into an ETF. Although the fund initially received a positive response from another SEC department, the main commission ultimately rejected it. ETF expert Nate Geraci assessed that this decision is similar to the previous failed attempt to convert Grayscale's digital large-cap ETF, pointing out that the regulatory path for altcoin-centered ETFs has become more complex.
XRP appears to have entered a new upward phase, backed by its bullish pattern, technical momentum, and positive investment sentiment. However, the SEC's regulatory variables continue to provide uncertainty to investors, requiring a cautious approach.
For real-time news...Go to TokenPost Telegram
<Copyright ⓒ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
