Ripples XRP at $17 Price? Market Pundit On Why Macro Channel Breakout Could Blow Up XRP Price
XRP traded relatively muted this week, even as the crypto market grapples with macroeconomic pressures such as the escalating trade tensions between China and the United States.
This calm has been further worsened by Tuesdays news that the U.S. Securities and Exchange Commission (SEC) has postponed its decision on Franklin Templetons XRP spot ETF application until June 17.
However, Bloomberg ETF analyst James Seyffart noted that these delays could extend, with final decisions on several crypto-related exchange-traded products (ETPs) likely to arrive in Q4.
I am expecting more delays today or at least this weekThis is expected IMO. Final deadlines for most of this stuff is in October 2025 or later, Seyffart noted, emphasizing that the timeline could shift depending on how swiftly the SEC engages with applicants.
Despite these setbacks, analysts like EGRAG CRYPTO believe that XRP may be setting up for a significant long-term rally based on technical factors. On Wednesday, he shared a monthly chart showing XRPs movement within a Macro Channel, projecting a potential rise to between $17 and $55 based on historical candlestick patterns. With XRP trading around $2.18, he highlighted the current phase as Candle number 5, which he suggests could echo XRPs explosive 1,700% surge in 2018.
XRP MACRO Channel ($17-$55): Were currently in Candle number 5 The measured move points to a potential high of $55. As for me, I have my eyes set on $27, but I plan to sell gradually as prices rise, he stated.
Earlier this week, the pundit speculated that XRP may be mirroring its 2017 fractal, potentially targeting $120 in the longer term.
Meanwhile, TradingView analyst Ande Wave identified a bullish inverted head and shoulders pattern in the short term, noting that XRP is breaking through descending resistance, with the breakout bar currently testing a key liquidity zone. He added that a smooth approach to the $2.186 level could significantly increase the chances of a sustained breakout and further upside.
Echoing this view, analyst Ali Martinez noted on Monday that XRP looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target between $2.70 and $2.90. Such a move would represent a 30% surge, positioning XRP above the critical $2.85 support/resistance zone.
At press time, XRP was trading at $2.23, reflecting a 0.59% drop in the past 24 hours.
Text source: ZyCrypto
