- XRP may mirror Ethereum’s 2017 surge, signaling major breakout ahead.
- Whale closes $2.63M long, sparking speculation about XRP’s next move.
- XRP ETF launch expected to drive institutional interest and growth.
XRP is showing strong signs of a major breakout, with expert predictions aligning the cryptocurrency’s current price movements to Ethereum’s trajectory just before its historic 20x surge in 2017.
Steph Is Crypto, a well-known cryptocurrency analyst, highlights that XRP is at a pivotal moment, similar to Ethereum’s setup before its massive rise. The chart’s “breakout point” indicates a potential surge ahead, leading many to believe that XRP is poised for explosive growth.
Ethereum remained steady before a sharp price increase in 2017, and XRP seems to be mirroring this pattern. Analysts are watching XRP closely, speculating that it could soon follow Ethereum’s path, with a possible 20x surge in value.
Also Read: Egrag Crypto: XRP Could be Around $6 or $7 by Mid-November Based on this Analysis
XRP Whale Activity Raises Eyebrows Amid Rising Predictions
In a surprising move, a major XRP whale recently closed a massive $2.63M long position. This unexpected exit has sparked speculation about whether a significant price shift is already underway.
According to Steph Is Crypto’s analysis, the whale’s decision to exit may signal a short-term correction or a shift in market sentiment. However, many believe that the broader market trend still points to XRP’s potential for a major breakout.
The closure of such a large position could be seen as a reaction to short-term volatility, but it also reflects the growing interest and attention XRP is receiving as it approaches a critical price threshold. Many market watchers believe that this move could be indicative of larger market movements in the near future.
XRP ETF Launch Could Fuel the Breakout
Tomorrow marks a crucial moment for the XRP community with the long-awaited launch of the XRP exchange-traded fund (ETF), managed by REX Shares and Osprey Funds. This product will give investors the opportunity to gain exposure to XRP without purchasing the cryptocurrency directly. After a brief delay, the ETF is set to begin trading.
The ETF’s launch is expected to bring new investment and interest to XRP, especially from institutional and retail investors looking for an easier way to participate. Bloomberg ETF analyst James Seyffart noted that other ETFs, such as the Dogecoin ETF, have faced similar delays but are now set to launch.
This development could add fuel to the fire, driving XRP’s price even higher as it enters a potentially explosive phase.
Also Read: Why XRP Price Remains Stagnant Despite Fed Rate Cut
