XRP Price Prediction: Could Ripple’s XRP Surpass $1 with ETF Speculation and Market Volatility?

In the last 24 hours XRP rose 1.1% and 24 hour trading volume jumped 22% to over $1.07 billion. Short term is still uncertain but traders and analysts are looking for the catalysts that could take XRP to $5 or $10.

This article looks into the current state of XRP and what could shape its price.

Ripple's CEO envisions an XRP ETF as institutional interest in crypto rises. 🤝 The journey may be gradual, but our attentiveness to market dynamics and demand signals assures us that patience could lead to fruitful opportunities ahead. Let's watch closely!

— Diego Torres (@chocotap) October 25, 2024

The “Inevitable” XRP ETF: What It Means for the Market

Ripple CEO Brad Garlinghouse says an XRP ETF is coming after the success of the Bitcoin ETFs and the price pops. If an XRP ETF is approved it will make it easier for institutional investors to get in and potentially drive demand and price up.

The anticipation of an ETF has many speculating if XRP is about to break out. But while there is optimism around this event the market is still volatile. Any delay or issues with the ETF approval will impact sentiment and cause more price fluctuations in XRP.

Liquidations and Performance Insights: XRP’s Volatile Path

XRP has been very volatile lately and price is moving around high liquidity zones. Looking at the liquidation heatmap for XRP there are big clusters of liquidity above and below current price.

A big move is coming.

Almost $1 million in leveraged XRP liquidations at $0.5401 and $900,000 at $0.5194. More liquidation orders at $0.5102 and $0.50. Price can go either way depending on how liquidity is absorbed by the market.

Overall the XRP Ledger has seen a big increase in Automated Market Maker (AMM) pools with 66% of all XRP pools created in the last week.

XRP Price Analysis and Technical Outlook: Key Levels to Watch

Right now XRP is at $0.5247 down 1.14% in the last 24 hours. With a market cap of $29.78 billion and 24 hour volume of $846.99 million XRP is the 7th largest cryptocurrency. Despite those big numbers the short term outlook is bearish.

XRP has been unable to break above the trendline which has been resistance near the $0.5325 level. This level is also the 50 day Exponential Moving Average (EMA) which adds to the bearishness. Since it failed to break above this key resistance level XRP has dropped and selling has increased.

Grayscale Investments has filed with the U.S. Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund, which includes Bitcoin, Ethereum, Solana, XRP, and Avalanche, into an ETF. pic.twitter.com/X2TXK1f9wR

— tsuki (@jcmiz_tsuki) October 25, 2024

XRP is testing the immediate support at $0.5164. If that support is broken it could drop to $0.5072 with the next support at $0.4987. Above $0.5325 and it could rally to $0.5419 and beyond.

The Relative Strength Index (RSI) is at 35.67 which means weak momentum and further down. The 50 day EMA is still acting as a barrier to any upward price movement.

Key Technical Insights:

• XRP is facing strong resistance near $0.5325, aligning with the 50-day EMA.

• Immediate support is at $0.5164; a break below this level could push the price toward $0.5072.

• The RSI is trending lower at 35.67, suggesting further bearish momentum in the short term.

Conclusion: What’s Next for XRP?

XRP has had a tough week and price is down big. Long term outlook is still positive. The ETF speculation could be a catalyst for future price growth but short term the token is still vulnerable to more downside. Traders should watch key support and resistance levels especially $0.5325 resistance and $0.5164 support to see what’s next.

In summary, XRP’s future looks good especially with ETF approval on the horizon but market participants should be prepared for more volatility. Next few weeks will tell if XRP can break out of this downtrend and go to new highs.