Key takeaways:
XRP’s falling wedge pattern signals a bullish reversal; 48% price surge potential. Who knew geometry could be so profitable? 📈
SEC’s review of WisdomTree’s XRP ETF may spark investor interest as approval odds jump to 84% on Polymarket. Time to dust off those wallets! 💸
Ah, the illustrious XRP, currently engaged in a rather dramatic falling wedge pattern on the daily chart. This technical charade is akin to a soap opera, promising a bullish reversal that could send prices soaring to $3.40 and beyond. Will the SEC’s review of WisdomTree’s ETF application be the catalyst for this grand spectacle? Only time will tell, but the anticipation is palpable!
XRP falling wedge pattern targets $3.40
From a technical perspective, XRP (yes, that XRP) could gain significant momentum if it manages to break free from this confining wedge. A falling wedge, you see, is a bullish reversal chart pattern that consists of two converging trend lines connecting lower highs and lower lows. It’s like watching a slow-motion train wreck, but with potential profits at the end!
Currently, XRP is retesting the resistance provided by the upper trendline of the wedge at $2.42. A break above this level will likely trigger a swift price rise, with the bulls eyeing a technical target of $3.40—a delightful 48% increase from current prices. Who wouldn’t want a slice of that pie? 🥧
The relative strength index (RSI) has climbed to 47 from a rather dismal 31 on April 8, indicating that bullish momentum is building up. It’s like watching a caterpillar transform into a butterfly, albeit a rather financially motivated one.
However, to sustain this ongoing recovery, XRP’s price must first hold the support at $2.20 and then overcome the resistance between $2.60 and $2.80. A tall order, but not impossible!
Several analysts are optimistic about a rebound higher, with the pseudonymous trader Cryptowzrd suggesting that a validation of this falling wedge could see XRP break out toward $2.90. Fingers crossed, everyone!
“$XRP closed indecisively and is still maintaining a falling wedge formation,” the trader wrote in a May 28 post on X, adding:
“A breakout of this wedge will push markets toward the $2.80 resistance. Above that resistance, we will eventually get to a new all-time high.”
As CryptoMoon reported, XRP price must first break the key $2.48 resistance level to clear the path toward higher highs. It’s like a game of financial limbo—how low can you go?
Spot XRP ETFs coming?
The US Securities and Exchange Commission (SEC) has officially started reviewing the spot exchange-traded fund (ETF) application by the WisdomTree XRP Trust. This could provide investors with exposure to XRP, which is rather exciting, isn’t it? 🎉
🔥 NEW: The SEC is officially reviewing WisdomTree’s proposed spot $XRP ETF, and is now accepting public comments.
— CryptoMoon (@CryptoMoon) May 28, 2025
The notice published by the SEC on May 27 initiates a 21-day public comment period and a 240-day review timeline. It’s a structured evaluation of investor protection and market manipulation risks—because who doesn’t love a good bureaucratic process?
The product would track the price of XRP through the CME CF Ripple-Dollar Reference Rate, giving investors indirect exposure without needing to hold the asset directly. It’s like having your cake and eating it too, but without the calories!
The betting odds for an XRP ETF approval by Dec. 31 now stand at 84% on Polymarket. Over the past month, the probability of approval has swung by 21% in favor of the YES side, from around 63% on April 22. Talk about a rollercoaster ride! 🎢
Bloomberg senior ETF analysts predicted an 85% chance of spot XRP ETF approval after the change in leadership at the SEC. Approval of these funds could unlock institutional capital, amplifying demand for XRP and potentially driving prices toward $3-$8. Some analysts even predict XRP price to go as high as $50 if major players like BlackRock step in. Now that’s a party I wouldn’t want to miss!
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2025-05-28 15:11