XRP ETF Adoption Drives Institutional Interest
The XRP cryptocurrency may be approaching a notable price shift, as recent charts indicate a potential 16% movement if the symmetrical triangle pattern plays out. This pattern is visible on the XRP/TetherUS Perpetual Contract (XRP/USDT) chart on a one-hour timeframe.
Understanding the Symmetrical Triangle
A symmetrical triangle is a key concept in technical analysis. It often represents a period of price consolidation before the previous trend resumes, though reversals can also occur. The pattern forms through two converging trendlines: a downward-sloping upper resistance line and an upward-sloping lower support line.
According to the analysis, “The price action (the jagged black line) shows a period of decreasing volatility. The swings are becoming noticeably smaller, squeezing the price towards the apex of the triangle. So far, the market is in a phase of indecision, meaning neither buyers nor sellers are able to take control.”
If XRP breaks out from its current level of $2.05, a potential 16% increase could place the token around $2.4, based on the pattern projection.
The launch of spot XRP exchange-traded funds (ETFs), such as Canary Capital’s XRPC, marked a significant milestone for the cryptocurrency. These products have drawn considerable institutional interest, with inflows surpassing $900 million across multiple platforms, highlighting growing adoption of XRP in mainstream finance.
