XRP Primed for Breakout as ETF Approval Looms—Here’s What’s at Stake

XRP bulls are licking their chops as regulatory winds shift—an ETF greenlight could send the embattled token soaring past key resistance levels.

The once-maligned crypto now flirts with institutional legitimacy. Wall Street’s sudden affection for digital assets smells suspiciously like FOMO dressed in a three-piece suit.

Ripple’s legal victories cleared the path. Now, the real test begins: Can XRP shed its ‘security’ stigma and become a tradable asset class? The irony isn’t lost on anyone—the same banks Ripple sought to disrupt might soon trade its token like a commodity.

Market makers already position for the squeeze. Liquidity pools deepen while shorts get nervous. One thing’s certain: the SEC’s grudging acceptance would trigger fireworks—and probably a few hedge fund margarita parties.

Just remember: in crypto, every ‘revolutionary milestone’ usually means another payday for the guys in yacht shoes.

XRP Coin Forecast

Despite the recent BTC surge, XRP Coin has yet to surpass its July 22 peak, leading to another missed opportunity. The $3.3 mark had been a crucial support level; today’s upper wick indicates a short-term profit-taking sentiment. As explored in a subsequent analysis, market analyst Poppe also expressed dissatisfaction with BTC’s daily candle. Maintaining the $3.1 level may suffice for an upward trajectory for XRP Coin.

Ali Martinez provided further analysis by sharing a chart, accompanied by the following insight:

“The $3.27 level is pivotal for XRP. A breach could propel the price to $3.60!”

Do Cryptos Face a Decline?

Impending inflation figures could impact the market dynamics as BTC maintains its position above the $120,000 mark but shows signs of weakening. Continued upward momentum may stall, prompting a strategic pullback before targeting new highs. Michael Poppe remains skeptical about the short-term outlook, attributing this to recent market trends.

“I’m not fond of this Bitcoin$119,328 daily candle. It absorbed all liquidity at higher levels and quickly reversed towards a high-resistance range. It’s quite an unattractive daily candle.”

Testing the $116,800 mark wouldn’t surprise me before any further progress.”

As of this writing, BTC has slipped below the $119,000 threshold, reaching back to $118,600. The lack of any breaking news amidst this decline sets the stage for steeper corrections in altcoins.

Recently, DaanCrypto commented on the TOTAL CAP chart observations just over an hour ago.

“The TOTAL crypto market Cap has revisited price discovery and hit an all-time high.

This was primarily influenced by the recent increases in ETH and other altcoins, despite BTC not reaching this level yet. The overall price actions were straightforward. Horizontal levels were rigorously tested and well-maintained.”

Upper wicks indicated potential signals of the current retreat at the time of writing.