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Despite recent selling pressure, Ripple cryptocurrency XRP continues to hold strong support at $ 2.80. As a result, market analysts noted that the bullish momentum remains intact for the XRP Price rally to continue. Furthermore, optimism surrounding the XRP ETF has been rising again, which could catalyze a price surge.
Crypto Analyst EGRAG Crypto Calls XRP Price Move “Super Bullish”
Crypto analyst EGRAG Crypto has labeled XRP as “super bullish,” emphasizing the strength and resilience of the XRP community amid recent market fluctuations. The analyst urged holders to focus on long-term fundamentals rather than short-term fluctuations in the XRP price.
From a technical standpoint, EGRAG stated that XRP price remains in a bullish trend as long as it holds above $2.77 on the two-month timeframe. He warned that a partial monthly close below a key support line, which had turned red, could prompt him to exit. Despite short-term volatility, he remains confident in XRP’s trajectory toward new all-time highs.
Other market analysts have also shared a similar view on the Ripple cryptocurrency. Crypto analyst Ali Martinez suggested that the XRP price could find strong support around the $2.73 level. If this support holds, the analyst expects a potential rebound toward $3.10, signaling continued bullish momentum for the token.
Analyst Projects Major XRP Price Breakout, Targets $6.20
Crypto analyst Mickybull Crypto has highlighted a potentially bullish setup for XRP, identifying a cup-and-handle pattern on the three-day chart with the token currently trading around $2.81.
Describing the formation as the “most bullish pattern,” Mickybull Crypto projected that XRP could see significant upside. According to the analyst chart, the XRP price can rally further to $6.20, representing a potential 120% gain from current levels.
Independent trader Dom highlighted $3.12 as a critical level for XRP, noting that a move above this price could “trigger a rally.”
On the eight-hour chart, Dom observed that XRP has been consolidating near the monthly point of control, around $3, the price level where the highest trading volume occurred over the past 30 days.
XRP ETF Optimism Grows As Deadlines Near
The US government shutdown began on October 1, leaving the U.S. Securities and Exchange Commission (SEC) in a state of uncertainty regarding the approval of the XRP ETF. Despite this, the market optimism for possible approvals remains high.
Several asset managers are seeking to launch or convert spot XRP ETFs, with SEC decision deadlines set between October 18 and October 25. The filings come from firms including Grayscale, 21Shares, Bitwise, Canary Capital, WisdomTree, and CoinShares.
Unlike ETFs registered under the Investment Company Act of 1940, these spot XRP products fall under the Securities Act of 1933. This requires direct approval from the SEC before trading can commence.
Some observers have compared this to the Teucrium XRP ETF, which launched without an explicit SEC statement because it was registered under the Investment Company Act of 1940. Data shows that the Teucrium 2x XRP ETF (XXRP) has amassed more than $440 million in assets since its launch in August.
