Key takeaways:
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XRP futures ETF approval fuels bullish momentum ahead of April 30 potential launch.
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Whales are stacking XRP despite recent sharp corrections.
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A technical breakout hints at a potential 55% rally toward $3.63.
XRP (XRP) rose by nearly 5% to hit an intraday high of $2.36 on April 28, extending a three-week rebound that has lifted its price by over 46%.
ProShares’ XRP futures ETF buzz boosts price
XRP’s price rise today follows a fundamental boost from the potential launch of three XRP-based futures exchange-traded funds (ETFs) by ProShares.
The ETFs—ProShares XRP Strategy ETF, ProShares Short XRP Strategy ETF, and ProShares XRP Blend Strategy ETF—will likely go live on April 30, offering investors indirect exposure to XRP market.
Last week, CME Group announced the addition of XRP futures to its US derivatives exchange, with trading set to begin next month alongside new BTC, ETH, and SOL contracts.
Progress on a spot XRP ETF remains stalled, however. The SEC has acknowledged multiple spot XRP ETF applications, but none have been approved yet. Grayscale’s application faces a critical decision deadline on May 22.
“The real catalyst will come when a Spot XRP ETF gets approved,” argues market analyst John Squire, noting that a futures ETF won’t lead to “real market impact.”
XRP whales are on the rise
The number of XRP addresses holding at least 10,000 tokens has continued to rise, especially during its 30% price correction from the January’s top of $3.40, according to Glassnode data.
This steady accumulation by larger holders suggests growing confidence in XRP’s long-term upside prospects.
It also indicates that selling pressure remains limited even during market pullbacks, providing a strong foundation for continued upside.
XRP price: falling wedge breakout
XRP rally is part of what appears to be a falling wedge breakout, confirmed by the price breaking above the bullish reversal pattern’s upper trendline with a slight increase in volumes.
The breakout target, determined by measuring the maximum wedge height and adding it to the breakout point, stands near $3.63, a 55% gain from current price levels.
The price now holding above the 50-3D exponential moving average (50-3D EMA; the red wave)—a historical support level—is furthering the wedge’s potential of reaching its $3.63 target.
Related: XRP futures open interest surges by 32% — Are traders bullish or bearish?
XRP’s relative strength index (RSI) is neutral with a reading between 30 and 70, suggesting the price has adequate room to grow.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Key takeaways:XRP futures ETF approval fuels bullish momentum ahead of April 30 potential launch.Whales are stacking XRP despite recent sharp corrections.A technical breakout hints at a potential 55% rally toward $3.63.XRP (XRP) rose by nearly 5% to hit an intraday high of $2.36 on April 28, extending a three-week rebound that has lifted its price by over 46%.XRP/USD daily price chart. Source: TradingViewProShares’ XRP futures ETF buzz boosts priceXRP’s price rise today follows a fundamental boost from the potential launch of three XRP-based futures exchange-traded funds (ETFs) by ProShares.The ETFs—ProShares XRP Strategy ETF, ProShares Short XRP Strategy ETF, and ProShares XRP Blend Strategy ETF—will likely go live on April 30, offering investors indirect exposure to XRP market.Source: Vincent Van CodeLast week, CME Group announced the addition of XRP futures to its US derivatives exchange, with trading set to begin next month alongside new BTC, ETH, and SOL contracts.Progress on a spot XRP ETF remains stalled, however. The SEC has acknowledged multiple spot XRP ETF applications, but none have been approved yet. Grayscale’s application faces a critical decision deadline on May 22.“The real catalyst will come when a Spot XRP ETF gets approved,” argues market analyst John Squire, noting that a futures ETF won’t lead to “real market impact.”XRP whales are on the riseThe number of XRP addresses holding at least 10,000 tokens has continued to rise, especially during its 30% price correction from the January’s top of $3.40, according to Glassnode data.XRP address count holding over 10,000 tokens. Source: GlassnodeThis steady accumulation by larger holders suggests growing confidence in XRP’s long-term upside prospects.It also indicates that selling pressure remains limited even during market pullbacks, providing a strong foundation for continued upside.XRP price: falling wedge breakoutXRP rally is part of what appears to be a falling wedge breakout, confirmed by the price breaking above the bullish reversal pattern’s upper trendline with a slight increase in volumes.XRP/USD three-day price chart. Source: TradingViewThe breakout target, determined by measuring the maximum wedge height and adding it to the breakout point, stands near $3.63, a 55% gain from current price levels.The price now holding above the 50-3D exponential moving average (50-3D EMA; the red wave)—a historical support level—is furthering the wedge’s potential of reaching its $3.63 target.Related: XRP futures open interest surges by 32% — Are traders bullish or bearish?XRP’s relative strength index (RSI) is neutral with a reading between 30 and 70, suggesting the price has adequate room to grow.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. XRP price, XRP Whales, Technical Analysis, Ripple, why is xrp price up Cointelegraph.com News
