XRP Price Set to Rally on Murrey Math Lines ETF Approval
The XRP price is poised for a strong rebound as Murrey Math Lines and a falling wedge pattern converge near the $2.72 double-bottom level. Technical analysis shows XRP price has settled at a key MML pivot-reverse level, suggesting support ahead of a breakout. A breach above the year-to-date high of $3.65 could drive gains of 30%, while the extreme overshoot target sits at $4.29, a 55% rise. However, a drop below $2.34 would invalidate the bullish outlook. The main catalyst is the upcoming XRP ETF approval deadlines in October, where odds exceed 88% according to Polymarket. Futures-based XRP ETFs and CME open interest have surged, mirroring robust inflows seen in Bitcoin and Ethereum ETFs. Traders may position ahead of approvals to capture potential inflows.
Bullish
Categorization: bullish. The convergence of technical signals—the falling wedge, double-bottom, and Murrey Math Lines pivot level—suggests a high probability of a price rebound. Historically, XRP price has rallied ahead of key catalyst events, such as litigation milestones and ETF speculations. Similarly, Bitcoin saw significant inflows and price surges when its spot ETFs launched. The strong CME open interest increase and robust demand for futures-based ETFs indicate mounting bullish sentiment among institutional and retail investors. In the short term, traders may initiate long positions to benefit from the potential break above $3.65, targeting $4.29. Over the long term, ETF approvals could establish a new support floor, enhancing liquidity and reducing volatility. However, a breach below $2.34 would signal technical breakdown and caution. Overall, the article’s findings point to a favorable outlook for XRP price leading up to ETF approvals, marking a bullish scenario.