XRP’s price action has caught the attention of traders following Grayscale’s ETF filing acknowledgment by the SEC. The cryptocurrency currently trades at $2.74, showing strong potential for a significant upward movement.
Current Market Structure
A bullish pennant formation has emerged in XRP’s price chart. This technical pattern suggests a possible surge to $15-$17. Crypto analyst Egrag Crypto identified this formation in his recent analysis.
Key Price Levels to Watch
The $3.40 level serves as a crucial resistance point. XRP needs to break above this threshold to confirm the bullish outlook. This price point represents the token’s highest level since 2018.
A strong support trendline has held since early 2025. This support level remains vital for maintaining bullish momentum. Any break below could signal a trend reversal.
Market Implications
Several factors support the bullish case for XRP:
- SEC’s acknowledgment of Grayscale’s XRP ETF filing
- Strong technical formation with the bullish pennant
- Historical price action supporting higher targets
- Sustained support levels maintaining market structure
Trading Considerations
Traders should watch for:
- A decisive break above $3.40 to confirm the bullish trend
- Daily closes above $2.75 to maintain upward momentum
- Support level integrity at the yellow trendline
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Tags: XRP, Technical Analysis, Cryptocurrency Trading, Price Prediction, Market Analysis
Source: NewsBTC