XRP Eyes $6.50 as Technical Analysis Suggests Bullish Breakout

XRP is currently at a pivotal moment, testing key Fibonacci retracement levels near $1.90 and $1.55. Analysts are closely watching for a potential breakout that could propel the cryptocurrency to new heights, with a long-term target of $6.50. The market is abuzz with speculation as technical indicators and Elliott Wave theory point to a significant upward movement.

XRP Price Prediction: Possible Bullish Breakout Towards $6.50?

XRP is currently testing vital Fibonacci retracement levels NEAR $1.90 and $1.55. According to Elliott Wave analysis, XRP is at a critical point as it finishes a Wave 2 correction. Market indicators suggest a potential massive price increase after momentum builds and XRP breaks resistance. The cryptocurrency eyes $2.24 support after a breakout from an inverse head & shoulders pattern, and the Wave 3 projection points to a possible rally toward $6.50 and $9.50.

HashKey Capital Launches Asia’s First XRP Fund With Ripple’s Backing

Digital asset management firm HashKey Capital has announced the launch of the HashKey XRP Tracker Fund, Asia’s first investment fund designed to track the performance of XRP. This fund aims to bypass the technical hurdles often associated with direct ownership of digital assets. The development is further bolstered by an early investment from Ripple, the company primarily associated with the XRP ledger and its native cryptocurrency. HashKey Capital highlighted XRP’s primary use case in facilitating faster and cheaper cross-border payments for banks, financial institutions, and enterprises, aligning with its own mandate to bridge traditional finance (TradFi) and Web3.

XRP Ripple News Today: XRP ETF Buzz Builds, but Traders Fear a Dip

XRP has been in the spotlight as it trades above $2, sparking renewed hope among investors. Analysts are buzzing about the possibility of it becoming the next cryptocurrency to get a spot ETF approval in the U.S. However, derivatives data from Deribit suggests traders are more cautious, with a higher interest in buying put options to hedge against potential price drops.

HashKey Capital Launches Asia’s First XRP Tracker Fund

HashKey Capital has launched Asia’s first XRP Tracker Fund, providing professional investors with a regulated way to gain exposure to XRP without directly holding the asset. The fund, announced in an Apr. 18 press release, mirrors the price of XRP, the native token of Ripple’s payment network. Ripple serves as the anchor investor. The fund offers a simpler and safer way to invest in XRP, addressing concerns around self-custody for institutional players. Vivien Wong, Partner at HashKey Capital, described XRP as “one of the most innovative digital assets today.”