XRP ETF Odds Climb to 85% – Will the Price Follow as Bulls Take Control?

Key Insights

• One of the biggest drivers of this bullish sentiment is the reported 85% likelihood of an XRP spot ETF being approved this year.
• In addition, PolyMarket shows an 80% chance of approval by the end of 2025.
• The cryptocurrency now trades at around $2.24 and appears to be forming a classic falling wedge pattern.
• If XRP manages to break above $2.40, the charts show that a rally towards $3.74 could result in a 71% increase from its current price.
• Overall, if XRP holds above the $2.10 support level and breaks through $2.50 resistance, the next targets are $3.00 and then its all-time high at $3.55.

After years of sluggishness, XRP could be preparing for a massive rally.

Optimism is flowing into the crypto market once again, after the surge in approval odds for a U.S.-based spot XRP ETF.

These estimates now put approval chances at around 85%, with traders and analysts now eyeing regulatory developments.

These could catapult XRP to new all-time highs, and all eyes are on the charts.

Here are the details of the new developments and what is fueling the momentum.

XRP ETF Approval Odds Surge on SEC Shake-Up

One of the biggest drivers of this bullish sentiment is the reported 85% likelihood of an XRP spot ETF being approved this year.

This prediction was issued by Bloomberg’s senior ETF analysts and is highly encouraging, considering how only two months ago, approval odds were pegged at 65%.

The spike in optimism comes from the recent changes in leadership at the SEC, where the appointment of Paul Atkins as its new chair has created some hope for a more favorable crypto environment.

Many analysts now believe that this change could be what a greenlight for crypto investment vehicles needs.

In addition, PolyMarket shows an 80% chance of approval by the end of 2025.

This is in line with the Bloomberg reports and shows an incoming 17% rise from the previous week.

As such, confidence is growing among retail and institutional players alike.

Technical Setup Shows Incoming Breakout

While the ETF rumors are taking control of the headlines, technical indicators are also showing bullish signs for XRP.

The cryptocurrency now trades at around $2.24 and appears to be forming a classic falling wedge pattern.

This pattern is a historically bullish chart formation that tends to come before sharp breakouts.

If XRP manages to break above the upper resistance line near $2.40, the charts show that a rally towards $3.74 could result in a 71% increase from its current price.

The RSI is also above the mid-line, in an indication that bullish momentum is gaining strength.

To maintain this standing, however, XRP must hold the $2.20 support level and then overcome the $2.80–$3.00 resistance zone.

If successful, this could open the door to an all-time high of $3.55.

Analysts Point At Record Highs

Several prominent traders are now calling for an XRP rally.

One of these, known as Dark Defender, believes that the ongoing pullback fits perfectly within an Elliott Wave pattern.

According to this theory, XRP is close to registering its next impulsive wave up.

Another trader, Allincrypto makes an even wilder claim.

According to the analyst, XRP has a chance of reaching as high as $19.27 in the long run.

He argues that the ongoing consolidation is not a sign of weakness but is a major setup for XRP to continue upwards.

The Ripple Versus SEC Case

The ongoing legal battle between Ripple and the SEC is another major factor to keep an eye out for.

Recently, both parties jointly requested to pause the SEC’s appeal concerning the Programmatic Sales ruling.

This means that a settlement could be close to hitting the headlines.

According to Pro-crypto attorney Bill Morgan, the ETF decision was postponed to June 17, which is just after the deadline for a status update on the SEC’s appeal.

Despite the positive outlook for XRP, it is still under influence from the general crypto market.

Bitcoin is attempting to reclaim the $100,000 mark at the time of writing, and could be a major factor in what happens next with XRP.

Overall if XRP holds above the $2.10 support level and breaks through $2.50 resistance, the next targets are $3.00 and then its all-time high at $3.55.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.