XRP investors are sitting on significant gains after the digital asset soared 330 percent over the past year. The strong rally has again pushed XRP into the spotlight as analysts and traders point to several signals suggesting further upside may be on the horizon.
XRP attracted significant attention in the crypto market after increasing by a modest 4 percent in April 2023. Despite Ethereum’s monthly decline of 3 percent, the cryptocurrency market witnessed XRP performing better than Ethereum in April, as Bitcoin achieved a 13.5 percent surge in value.
XRP shows bullish characteristics in its long-term trajectory because technical analysis and broader industry trends point to positive outcomes.
Also Read: Ripple Chairman and SEC Paul Atkins Meeting Not What You Expect – EX-SEC Lawyer Says
Crypto market analyst Ali Martinez identifies a bull trend inversion pattern that indicates XRP could soon break through its resistance point. XRP analysis points towards potential price targets between $2.70 and $2.90, as noted on the X platform.
The price area exceeding 30 percent above XRP’s initial May position suggests positive indicators for maintaining its bullish trajectory.
Source: Ali-Charts
Regulatory Momentum and Political Signals Add Fuel to XRP’s Bullish Outlook
Further optimism has been fueled by growing anticipation around XRP-based ETFs. In April, two XRP futures ETFs were approved by the U.S. Securities and Exchange Commission. Bloomberg analyst Eric Balchunas recently upgraded XRP’s chances for a spot ETF approval to 85 percent.
The SEC is expected to review these filings in mid-June, and the crypto market is closely monitoring any movements that could drive institutional capital into XRP.
Meanwhile, Eric Trump made a statement in an interview on CNBC in the UAE that many interpreted to be support for XRP. In the interview, Trump stated that traditional banking institutions might become extinct because of XRP and other cryptocurrencies.
XRP followers shared his statements widely because they interpreted them as evidence of increasing governmental support.
XRP shows technical strength in its current state. TradingView analysis shows that all essential moving averages from 10 to 200 days have affirmed XRP as a solid investment purchase. Based on current trends observed in data analytics, the overall market sentiment suggests a favorable trend for the upcoming months.
Conclusion
With solid technical signals, ETF momentum, and rising political attention, XRP’s 330 percent annual surge could be the beginning of an even larger breakout. Investors are watching closely as May unfolds.
Also Read: Ripple Chairman and SEC Paul Atkins Meeting Not What You Expect – EX-SEC Lawyer Says
