Technical Breakout Signals Major XRP Rally

XRP is exhibiting a classic bullish reversal pattern on daily charts, with its falling wedge formation suggesting a potential 48% price surge. The cryptocurrency currently tests the wedge's upper trendline at $2.42 — a breakout could propel prices toward the $3.40 technical target. Market observers note the Relative Strength Index (RSI) has climbed from 31 to 47 since April 8, indicating growing bullish momentum.

Critical Price Levels to Watch

Analysts emphasize two key thresholds for sustaining the uptrend: ——$2.20 support level must hold—— ——$2.60-$2.80 resistance zone requires decisive突破—— Pseudonymous trader Cryptowzrd predicts the wedge breakout could initially drive XRP to $2.80, potentially clearing the path for new all-time highs. This aligns with Cointelegraph's earlier analysis that $2.48 represents a make-or-break resistance level.

ETF Catalyst: Approval Odds Hit 84%

The SEC's formal review of WisdomTree's spot XRP ETF proposal has dramatically shifted market sentiment: • 21-day public comment period commenced May 27 • 240-day regulatory review timeline activated • Polymarket approval probability surged 21% to 84% since April The proposed fund would track XRP through CME's Ripple-Dollar Reference Rate, offering indirect exposure without direct asset custody.

Institutional Impact on Price Trajectory

Bloomberg analysts assign an 85% likelihood of approval following recent SEC leadership changes. ETF authorization could unlock: 【$3-$8】short-term price targets according to baseline projections 【$50】speculative peaks if major players like BlackRock enter Market participants are particularly monitoring the 21-day comment window for regulatory sentiment indicators, with the next key deadline falling in mid-June.

Technical vs Fundamental Convergence

The simultaneous emergence of bullish chart patterns and fundamental developments creates rare synergy. While technicals suggest a $3.40 near-term target, ETF approval could extend gains exponentially. However, traders caution that failed wedge breakout or regulatory setbacks may trigger sharp corrections, emphasizing the need for risk management in volatile crypto markets.