By Chris Hollingworth 
XRP’s falling wedge pattern is indicating a potential bullish reversal with a 48% price surge possibility. The SEC’s assessment of WisdomTree’s XRP ETF application could ignite investor interest as the chances of approval have increased to 84% on Polymarket.
The falling wedge pattern on XRP’s daily chart is a bullish reversal pattern characterized by two converging trend lines connecting lower highs and lower lows. The pattern suggests a weakening downward momentum, with XRP currently testing resistance at the upper trendline around $2.42. A breakout above this level could lead to a rapid price increase, targeting $3.40, representing a 48% rise from current levels.
The relative strength index (RSI) has climbed from 31 to 47 on April 8, indicating growing bullish momentum. To sustain the recovery, XRP must hold support at $2.20 and surpass resistance levels between $2.60 and $2.80. Analysts are optimistic about a potential rally, with some predicting a move towards $2.90 and beyond.
The SEC has initiated a review of the WisdomTree XRP Trust’s spot ETF application, allowing investors exposure to XRP without directly holding the asset. The application tracks XRP’s price through the CME CF Ripple-Dollar Reference Rate. Betting odds for XRP ETF approval by the end of the year currently stand at 84% on Polymarket.
Approval of XRP ETFs could attract institutional capital, potentially driving XRP prices towards $3-$8. Analysts even suggest a price target as high as $50 if major institutional players enter the market. However, readers must conduct their own research as all investment decisions carry inherent risks.
