XRP Token Faces Bearish Pressure Despite ETF Popularity
XRP’s price took a hit this week, dropping 25% from its year-to-date peak. However, there’s a silver lining: ETF inflows are surging.
Despite the price dip, the newly introduced XRP ETF has attracted over $71 million in investments. This influx shows a strong rebound could be on the horizon.
Analysts at JPMorgan predict that these funds will have over $8 billion in inflows in the first year. The daily chart shows that the XRP token has formed numerous bullish patterns. For example, it has formed a triple-bottom pattern at $2.7212. A triple-bottom often leads to a strong bullish breakout.
The coin has also formed a falling wedge pattern,which is made up of two descending and converging trendlines. This pattern is also part of the handle section of the cup-and-handle pattern. at the same time, it is in the second phase of the Elliot Wave pattern. Thus, the coin is highly likely to experience a strong bullish breakout, possibly reaching the year-to-date high of $3.660.
