XRP price has remained below the psychological level of $3 since January, but one crypto pundit believes it could surge to $27 if the Securities and Exchange Commission approves spot ETFs.
Ripple (XRP) was trading at $2.25 on Monday, June 9, up 9.35% from its monthly low and 40% above the year-to-date low.
XRP has two key bullish catalysts that could push its price higher in the long term. First, the odds of the SEC approving a spot XRP ETF have jumped to 87% on Polymarket. This spike is due to increased crypto support from the SEC under Paul Atkins.
Approval of an XRP ETF would likely lead to substantial inflows. JPMorgan projects over $8 billion in the first year alone. However, there’s a risk that the market has already priced in the approval, which may come by October.
Second, Ripple Labs aims to become a dominant player in cross-border payments through partnerships with banks and other companies. CEO Brad Garlinghouse believes that the end of the SEC lawsuit will help it accelerate partnerships with American companies.
The challenge is that Circle has become a major competitor in this business through its Circle Payment Network. CPN connects banks and other companies, letting them send payments that settle in seconds.
Crypto pundit sees XRP price hitting $27
One crypto pundit with over 84,000 followers on X believes XRP will rise from $2.26 to $27 following ETF approval. He cited a bullish pennant formation on the monthly chart and a technical framework called the “guardian arch,” which uses the 21-period EMA and 33-period SMA to project future price levels.
At $27 per token and assuming constant supply, the market cap would swell to $1.9 trillion—an unlikely outcome in the near term. By comparison, this would imply a $30 trillion Bitcoin market cap if the current BTC-XRP ratio held.
XRP price short-term target
The daily chart shows that XRP has pulled back from its year-to-date high of $3.40 to $2.2592. The token is consolidating near the 50-day and 100-day moving averages, while the Average True Range has dropped to its lowest point since Nov. 29, indicating declining volatility.
The biggest technical risk for XRP is the formation of a descending triangle pattern, with key support at $1.9255. A break below that level could signal further downside, potentially taking the price below $1.00.
Source link