XRP price rose by 2.5% on Tuesday, Sept. 2, erasing some of the losses from the past few days. This rebound could be the start of more gains as Ripple ETF odds continue rising.
Summary
- XRP price may rebound as the odds of a spot ETF approval jumps.
- The SEC has set an October deadline for some of these ETFs.
- Technical analysis points to more gains in the coming weeks.
Ripple (XRP) token rose to $2.82, up a bit from this week’s low of $2.6958. It remains down by 23% from the year-to-date high.
XRP price could rebound as ETF approvals jump
XRP could rise in the coming weeks as the deadlines for several exchange-traded funds near. The Grayscale XRP ETF deadline is on Oct. 18, while the Canary ETF deadline is Oct. 24.
The SEC has already postponed these ETFs several times, meaning that it may decide to approve them in October. As the agency did with the spot Bitcoin and Ethereum ETF approvals, it will likely approve all of them at the same time to avoid giving one an advantage.
A Polymarket poll with $150,000 in assets shows that the odds of approval have jumped to 87% from the August low of 64%. This is a sign that most participants expect that approval will happen by the end of the year.
An XRP ETF approval would boost its price because of robust demand for XRP-related assets. For example, the recently launched CME Futures have already attracted over $1 billion in open interest, making the contract the fastest to reach that milestone.
Similarly, the already available XRP ETFs by companies like Teucrium and ProShares have received millions of dollars in assets.
There is also substantial demand for crypto ETFs, as evidenced by the performance of Bitcoin and Ethereum funds. Spot Bitcoin ETFs have recorded over $54 billion in inflows, while Ethereum ones have $13 billion.
Ripple price technical analysis
The XRP price has been in a downtrend in the past few days as it moved from a high of $3.6654 in July to $2.80 today. On the positive side, this decline is part of the formation of a falling wedge pattern, which normally leads to a strong breakout.
Ripple has also settled at the strong pivot reverse point of the Murrey Math Lines. Bullish reversals normally happen at this level.
XRP has also settled at the 100-day moving average. Therefore, the most likely XRP forecast is bullish, with the target at the extreme overshoot point at $4.2. A move above that level will point to more upside toward the psychological level of $5.
