XRP Price Pattern Signals Surge as Brad Garlinghouse Gives ETF Prediction

Key Insights:

• XRP price is slowly forming the highly bullish cup-and-handle chart pattern.
• Brad Garlinghouse predicts that the SEC will approve XRP ETFs soon.
• Technical analysis suggests that the Ripple price may hit $5.2 soon.

XRP price is stuck in a tight range this week as the recent bullish momentum faded. This consolidation could be calm before the storm as it is part of the formation of a highly bullish chart pattern.

In addition to its strong technicals, Ripple price will likely benefit from the potential exchange-traded funds (ETF) approval that Brad Garlinghouse predicts will happen by October.

Brad Garlinghouse Delivers XRP ETF Prediction

One of the most important XRP price catalysts is that Brad Garlinghouse, Ripple Labs CEO, has said that the Securities and Exchange Commission (SEC) will likely approve XRP ETFs by October. His target aligns with the timeline established by the agency as it reviews these applications.

XRP has received the most applications of any cryptocurrency. Some of the companies that have filed for these funds are Bitwise, Canary, 21Shares, Franklin Templeton, Grayscale, and ProShares. BlackRock runs the biggest crypto ETFs and has ruled out applying for an XRP ETF.

These applications have happened because XRP is the third-largest cryptocurrency after Bitcoin and Ethereum. It has a market capitalization of over $184 billion. Polymarket odds that the agency will approve these funds have jumped to over 75%

There are signs that XRP ETFs will have substantial inflows once approved. The first sign is that current data shows an appetite for crypto ETFs. For example, spot Bitcoin ETFs have had inflows of $55 billion since their inception and now have $153 billion in assets, which is equivalent to 6.5% of its market cap.

Ethereum ETFs have inflows of $12.73 billion and have over $29 billion in assets, equal to 5.3% of their market cap. As such, using the current XRP market cap of $184 billion, and assuming the ratio of ETF assets is at 5%, these funds may attract $9.2 billion in assets.

Existing Ripple Futures ETFs are Gaining Demand

The other sign that the spot XRP ETF will be popular is to look at the existing futures-based funds by Teucrium and ProShares. The Teucrium 2x Long Daily XRP ETF (XXRP), which was launched in April and has an expense ratio of 1.89%, has over $417 million in assets.

Similarly, the ProShares Ultra XRP ETF (UXRP), which was launched last month, has neared $100 million in assets. This is a sign that American investors are welcoming XRP and potentially other altcoin ETFs.

Additionally, XRP will benefit from signing the GENIUS Act, which will make stablecoins more popular in the US. Ripple USD (RLUSD) has become one of the fastest-growing stablecoins in the US with over $650 million in assets.

XRP Price Chart Pattern Points to More Gains

The daily chart shows that XRP has formed a unique chart pattern that may boost its price in the long term. This pattern, known as a cup-and-handle, resembles a cup. It has a rounded bottom and a handle, and the recent retreat is part of the formation of the handle section.

The top-to-bottom distance of this pattern is nearly 55%. Therefore, measuring the same distance from its upper side shows that the coin will ultimately jump to $5.2.

Summary

The recent XRP price rally has stalled over the past two weeks, and a closer look at the daily chart reveals that it is part of a cup-and-handle pattern formation. That is a sign that it is just a matter of time before it stages a strong comeback. A potential catalyst for this will be the approval of a XRP ETF by the SEC later this year.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.