– XRP consolidates near $2.80 as ETF approval odds hit 87%, with a $3.55 breakout opening path toward $6
– RSI at 42 and tightened Bollinger Bands show compressed volatility, signaling conditions for a major XRP price move
XRP is trading near a key support level while market participants focus on the growing prospects of a Ripple exchange-traded fund (ETF). Approval odds for the product have climbed to 87%, according to recent market assessments, fueling speculation that the token may be preparing for a significant rally toward $6.
The %Cryptocurrency is currently consolidating around $2.82, a zone that has repeatedly acted as a foundation during recent corrections. Price activity since July has produced a pattern resembling a cup-and-handle formation, with the neckline resistance established near $3.55. This level has capped multiple rallies, yet the broader curve suggests sustained accumulation rather than fading demand.
From July through September, (CRYPTO: $XRP) traced a falling wedge after rejection near $3.50, a formation often interpreted as a continuation signal in technical analysis. If buyers advance the price above $3.20, momentum toward the neckline could accelerate. A confirmed break through $3.55 would complete the structure, projecting a potential price objective near $6.
Indicators Signal Compressed Volatility
Market indicators are aligning with the structural setup. The Relative Strength Index (RSI) has stabilized around 42, showing that downward momentum has eased without entering oversold conditions. Meanwhile, Bollinger Bands have narrowed, a sign that volatility has compressed. The mid-band positioned near $2.95 has become an important short-term pivot, acting as intraday resistance and offering insight into potential breakouts.
These technical factors suggest that price compression is creating conditions for a directional shift, with the next move likely dependent on the ability to clear resistance zones.
ETF Outlook Strengthens Market Sentiment
Alongside technical developments, optimism around regulatory approval of an XRP ETF is shaping sentiment. The U.S. Securities and Exchange Commission (SEC) is currently reviewing 11 separate applications, with an October deadline approaching. Market projections indicate that an approved product could attract as much as $5 billion in its opening month, significantly expanding institutional access.
Even in the absence of a final decision, rising approval odds have supported XRP’s consolidation at higher support levels. This dual influence of technical structure and ETF speculation places the asset at a critical juncture, with a sustained move beyond $3.55 likely to define its medium-term trajectory.
