Key Insights
- •XRP price has bounced off the $2.10–$2.20 support zone and is currently attempting to break above $2.50.
- •Market analyst Ali Martinez suggests XRP could surge to $10 if it retests $1.90, indicating a potential bullish flag pattern.
- •All five proposed spot Ripple ETF funds from Bitwise, Franklin Templeton, 21Shares, Canary, and CoinShares are now listed on the DTCC, signaling progress towards a potential launch.
Technical Analysis and Price Action
XRP price is currently navigating within a significant descending wedge pattern. Despite this consolidation, there are indications of a potential bullish reversal, contingent on an increase in trading volume. The cryptocurrency has already demonstrated resilience by bouncing off the $2.10–$2.20 support area and is now targeting a break above the $2.50 level. This price point coincides with a notable supply zone, often referred to as an order block, and is in close proximity to the 200-day moving average. These converging technical factors create a substantial resistance area, comprising moving averages, a prior supply block, and the upper boundary of the descending wedge, forming a critical technical barrier.
Bullish Flag Formation and Potential Rally to $10
Market pundit Ali Martinez has presented a chart analysis suggesting that XRP may be poised for a significant upward movement. Martinez identifies a bullish flag formation, a technical pattern typically preceding a substantial price increase. This setup allows for a potential brief pullback to the $1.90 level, which could serve as a final support test before the anticipated rally. Martinez posits that this dip might be a necessary reset for XRP before its next upward trajectory. Should bullish sentiment prevail, he foresees a potential run towards the $10 mark. Currently, XRP is trading around the $2.28 level, having experienced several weeks of sideways trading. Key resistance levels are identified near $2.50–$2.70, with support holding around $2. A decisive surge through the resistance zone, accompanied by strong trading volume, could re-establish a bullish market structure.
Liquidity Analysis and Resistance Levels
Concurrently, analyst Steph is Crypto has observed a notable feature on the latest Binance XRP/USDT liquidation heatmap. According to Steph, "The XRP heatmap shows a massive liquidity wall between $2.55 and $2.75. Price is moving straight toward it." A detailed examination of the chart corroborates this observation, clearly highlighting an intense concentration of liquidity just below the $2.75 price level. This zone is visually represented by a bright yellow hue, indicating a significant accumulation of leveraged positions and potential liquidation clusters.
In recent weeks, XRP has been in a recovery phase from the $2.10 level, with buyers consistently stepping in to defend critical support points. This sustained demand has been instrumental in preventing a loss of upward momentum. As momentum builds, the market's attention is now focused on the upper liquidity wall. A decisive move beyond the $2.75 mark could potentially trigger fresh buying interest, particularly if short traders begin to liquidate their positions. Conversely, if sellers successfully defend this zone, a short-term pullback might precede any further price advancement.
Spot Ripple ETF Filings with the DTCC
In a significant development for the XRP ecosystem, all five proposed spot XRP exchange-traded funds (ETFs) have been listed on the Depository Trust & Clearing Corporation (DTCC) list. The funds originate from prominent issuers including Bitwise, Franklin Templeton, 21Shares, Canary, and CoinShares. This inclusion on the DTCC list suggests that preparations for a potential U.S. launch are progressing steadily, possibly within the current month.
Canary Capital, Bitwise, Franklin Templeton, and 21Shares have each submitted amended S-1 registration statements for their respective spot XRP ETF proposals. These updated filings incorporate standardized listing language, a strategic move aimed at expediting the SEC's review process under the existing 8(a) procedures. This approach aligns with the established processing methodology for previous digital asset ETFs.