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Key Insight:
- XRP price prediction gained momentum in recent weeks, supported by RWA adoption.
- It has formed a falling wedge pattern on the daily chart
- XRP Ledger is becoming a major player in the RWA industry, while ETF odds have jumped
XRP price has numerous catalysts that may push it to a record high in the coming weeks. It has become a major player in the real-world asset (RWA) industry, which is expected to boom. The odds of XRP ETF approval have jumped to 97%.
XRP Price Prediction and the Expanding RWA Market
Most analysts believe the RWA industry has more room to grow in the coming years. A recent report speculated that the industry could be worth over $19 trillion by 2033, a big increase from where it is today.
Ripple is becoming a major player in the RWA industry. Data compiled by RWA.xyz shows that the total assets in the network have jumped by 9.45% in the last 30 days to over $356 million. This makes it a top-ten chain in the sector, and this trend is gaining momentum.
There are now 28 RWA assets in the XRP Ledger network, including VERT Capital, which has over $135 million in assets. The other notable player in the network are RLUSD, OpenEden Digital, Archax, and Ondo.
Further, in line with this, the stablecoin market capitalization has jumped to over $265 million, a 23.20% increase from the same period last year.
One key part of its RWA growth is the value of stablecoins in the network. There are now $265 million stablecoins XRP Ledger, a 23% monthly increase. Some of these assets are Ripple USD (RLUSD), which has over $85 million. The rest of the RLUSD assets are on the Ethereum chain.
In a major development, Ripple Labs announced that it had reached a deal with Franklin Templeton and DBS to launch trading and lending solutions powered by tokenized money market funds and the RLUSD stablecoin.
This is a notable deal considering that Franklin Templeton is one of the biggest asset managers globally with over $1.6 billion in assets under management. DBS is a top Asian bank with over $275 billion in assets.
XRP ETF Approval Odds Have Hit 97%
While the role of XRP Ledger in the RWA industry is notable, the main catalyst for the XRP price is the upcoming approval of spot ETFs.
A Polymarket poll with almost $200k in assets places the odds that the SEC will approve spot XRP ETFs by the end of the year.
These odds jumped after the SEC approved the generic standards to clear the way for crypto ETFs.
The agency has set mid-October as the deadline for most XRP ETFs by companies like Franklin Templeton, Invesco, Bitwise, and Canary.
An XRP ETF approval will be highly bullish, leading to more inflows in the first year. In a recent note, the head of Crypto.com said that the funds will attract over $8 billion in inflows in the first year, much higher than what Ethereum funds brought.
XRP Price Prediction: Multiple Patterns Point to a Surge
The daily chart shows that the XRP price has formed numerous bullish patterns that could lead to more upside in the coming weeks.
One of the most visible patterns is the falling wedge pattern, which comprises two falling and descending trendlines. It has already moved above the upper side of the trendline, confirming the bullish breakout.
XRP price has also remained above the 50-day moving average and the Ichimoku cloud indicator, confirming the bullish breakout.
Additionally, the coin has formed a cup-and-handle pattern and a bullish pennant. Therefore, the most likely scenario is where the coin jumps to the year-to-date high of $3.66. A move above that level will point to more upside, potentially to the resistance level at $4, followed by $5.
The bullish XRP price prediction will become invalid if the token plunges below the lower side of the wedge at $2.7. Such a move will point to more downside in the long term.
