XRP, the native cryptocurrency of the decentralized blockchain created by Ripple Labs, remains in a consolidation phase as top peers like Solana, Polkadot, and Cardano fall by double digits.
Ripple (XRP) was trading at $2.39 at last check on Saturday — a few points below its 2024 highs. Still, key fundamental and technical catalysts could supercharge it in the next few months.
XRP Whales Buy the Dip
One of the most notable bullish signals for cryptocurrency enthusiasts is whale accumulation. These large investors are often seen as sophisticated players in the crypto market who can influence the price. Recent data indicates that XRP whales have been actively accumulating coins even as market sentiment grows increasingly bearish.
According to Ali Martinez, a well-known crypto investor referencing Santiment data, these whales purchased approximately 1 billion XRP tokens in just the last 48 hours. This significant accumulation suggests a level of optimism among larger investors about XRP’s future price potential and underlines their belief in the asset notwithstanding the larger market trends.
Ripple ETF Approval Hopes
Market sentiment around XRP is further strengthened by rising expectations of a spot exchange-traded fund (ETF) approval from the Securities and Exchange Commission (SEC). Traders on Polymarket are showing increased confidence, with a small poll indicating a 68% chance that the SEC will approve a Ripple ETF by 2025. Another poll with a larger sample size gives a 51% likelihood of approval by July 31, 2025.
This bullish sentiment is further buoyed by the recent political landscape. Following Donald Trump’s election victories and his promise to adopt a more crypto-friendly stance, he nominated Paul Atkins as the next SEC chair and initiated the formation of an artificial intelligence and crypto council. This shift in regulatory attitude could be key in shaping the future of XRP’s market environment.
ETFs have gained immense traction among investors, evidenced by the ProShares Bitcoin ETF garnering over $2.3 billion in assets and spot Bitcoin ETFs amassing over $36 billion in inflows. In addition to XRP, investors are also optimistic about the potential approval of ETFs for Solana, Hedera Hashgraph, and Chainlink.
XRP Price Has Bullish Technicals
From a technical analysis perspective, XRP has been forming a compelling bullish pennant pattern on its daily chart, exhibiting characteristics typical of continuation patterns in trading. The lower edge of this pattern has rested around $0.4913, and it has been developing since December. Typically, such patterns lead to significant price movement as they approach their apex.
Additional bullish indicators are derived from XRP’s position relative to its 50-day moving average. Furthermore, the Market-Value-to-Realized-Value (MVRV) ratio has slid to 2.5, hinting that XRP may be undervalued at its current price levels. Therefore, traders will likely keep a keen eye on potential breakout points, including the extreme overshoot level of the Murrey Math Lines, followed by significant resistance at the 2024 high of $2.90 and the psychological barrier of $3.