The XRP price has staged a strong comeback in the past few weeks, moving from this month’s low of $1.7775 to the current $2.62. Ripple has jumped to its highest level since October 10 and formed a bullish pattern that may drive it higher amid rising inflows into the XRP ETF.
XRP Price Technical Analysis Points to More Gains
The eight-hour chart shows that the XRP price has jumped from a low of $1.777 on October 10 to its current price of $2.6265. It has moved above the Supertrend indicator, a sign that bulls are regaining control.
The Ripple price has formed an inverse head-and-shoulders pattern, one of the most common bullish patterns in technical analysis. The coin has also moved above the 50-period Exponential Moving Average (EMA).
At the same time, the two lines of the True Strength Index (RSI) have pointed upwards and moved above the zero line. The Relative Strength Index (RSI) has moved above 50 and is pointing upwards.
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Therefore, the most likely XRP price prediction is bullish, with the immediate target being $3. A move above this target will signal further gains, potentially to the psychological level at $3.5.
A drop below the key support level at $2.20, its lowest point on October 17, will invalidate the bullish forecast.
Catalysts for the Ripple Price
There are a few potential catalysts for the Pi Network price. First, the spot XRP ETF launched in September has already crossed the $100 million milestone. This is a sign that American investors are interested in the token.
Second, the CME XRP Futures are gaining traction among institutional and retail traders. Data shows that the notional value of these options exceeded $27 billion last week.
The rising demand for Ripple ETFs and futures products means the upcoming funds from companies like Franklin Templeton and VanEck will attract investor interest.
Second, macro factors are influencing the ongoing XRP price jump. The main macro factor is that the US and China made progress in their weekend talks. This means that the upcoming meeting between Donald Trump and Xi Jinping will be successful.
A trade deal between Trump and Xi will reduce one of the market’s outstanding tensions. It also means that inflation will likely not jump sharply as the two countries will not impose tariffs.
The other macro factor is that the Federal Reserve will likely cut interest rates on Wednesday. Also, there are signs that the ongoing government shutdown will end soon, allowing the SEC to approve several crypto ETFs.
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