XRP Is Testing a Breakout Zone

Gareth Soloway, Chief Market Strategist at Verified Investing, reports that XRP has recently broken above the descending trendline that formed after its last peak, signaling that the token may be gaining bullish momentum. Still, confirmation of a sustained rally will require monitoring how price action unfolds. Strong support is found near $2.75 to $2.76, and as long as XRP remains above this range, technical indicators continue to show bullish potential.

Upside Resistance and Targets

Currently, XRP faces immediate resistance around $3.30. A decisive break above this key level could send the next target to the $3.67 to $3.68 range. Soloway sees this juncture as critical for determining whether XRP can launch a sustainable rally. XRP is trading near $2.95, having gained roughly 5% over the past week.

Key Drivers for U.S. ETF Approval

The market widely expects that the authorization of a U.S.-based XRP ETF will be a principal catalyst for near-term price action. Bloomberg analysts estimate a 90% or greater probability of approval, although the SEC is not expected to announce its final decision until late October. Of note, the REX-Osprey product, which blends ETF and ETN structures, could come to market sooner, operating similarly to Solana Staking (SSK) and launching without direct SEC approval.

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Summary

XRP is poised at a pivotal breakout point. If it can hold support and overcome resistance in the coming days, a significant rally could follow. However, investors should pay close attention to the outcome of the U.S. ETF approval process and broader market dynamics that may influence price.