Coinbase’s revenue from XRP has surpassed that from ETH and SOL as its holdings of XRP soar 458%. This has sparked the question: Is the XRP price ready for a breakout?
Recently, XRP has shown good performance. After rising to around $0.6 last month, it dropped to $0.49 and then rebounded to $0.59. It is now approaching the key resistance level of $0.6533. Bullish indicators suggest strong upward potential. The total number of transactions has climbed to 1.144 million, increasing by 1.02% in the past 24 hours. If XRP successfully breaks through the resistance level, it may aim for the next target of $0.7463, which could mark the beginning of a strong bullish stage.
Some analysts are confident about the potential of XRP to obtain a spot exchange – traded fund (ETF). In the past few months, XRP has made significant progress in this regard, thanks to Grayscale Investments, Bitwise, Canary Capital, and 21Shares. These companies have brought XRP closer to having its own ETF, similar to other top – tier cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Some market observers believe that the XRP ETF could attract institutional capital into the XRP ecosystem, pushing the token’s price to staggering targets such as $10.
However, the XRP price faces certain uncertainties. The US Securities and Exchange Commission (SEC) previously filed an appeal in the Ripple lawsuit, which led to a significant drop in the XRP price. Although there are currently positive factors such as the approaching approval of the XRP ETF and the continuous increase in institutional adoption, the SEC’s regulatory attitude and market fluctuations may still have an impact on the XRP price. Therefore, whether the XRP price can break through remains to be seen. Investors should pay close attention to relevant news and market trends and make rational investment decisions.
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