Key Points:
Ripple's "multiple acquisitions" and XRPL upgrades support a bullish outlook for XRP.
CME XRP futures reached a trading volume of $542.8 million in the first month.
Elliott Wave analysis and bullish flag patterns suggest that XRP prices could break out to between $5 and $14.
Since early March, XRP prices have been hovering between $2.00 and $2.60 without a clear directional preference. However, several factors indicate that this stagnation may soon give way to a significant breakout into double digits.
Ripple's strategic initiatives to expand its ecosystem are a major catalyst for XRP's potential breakout. The $1.25 billion acquisition of major broker Hidden Road strengthens the company's ambition to serve institutional investors. Ripple stated it would use its stablecoin RLUSD as collateral for Hidden Road's brokerage services.
Ripple's Chief Technology Officer David Schwartz mentioned that more acquisitions are underway.
Schwartz told DL News in New York, "Our M&A team is very busy," adding, "We have multiple potential acquisitions at different stages, from early to late."
Ripple has been actively attracting traditional financial companies, with Metaco and Standard Custody being notable acquisitions.
According to Schwartz, Ripple also plans to upgrade its XRPL blockchain to enhance "programmability" and introduce new lending protocols.
The latest collaboration with Wormhole aims to expand multichain interoperability for the XRP Ledger (XRPL) and its upcoming XRPL EVM sidechain.
Today, we are partnering with @Wormhole to bring multichain interoperability to the XRPL and the upcoming XRPL EVM Sidechain: https://t.co/soylouwu47 This integration brings new optionality for developers and institutions looking to build cross-chain applications whether for… pic.twitter.com/dpDDEKEQY6
These upgrades are reminiscent of Ethereum's (ETH) evolution, promising to improve scalability and interoperability, which could boost XRP's demand in cross-border payments and DeFi applications.
As Ripple strengthens its infrastructure and partnerships, increased adoption may drive demand, pushing XRP's price beyond its current range.
Growing interest in CME XRP futures could lead to a significant breakout in XRP prices due to increased institutional participation and market liquidity.
Since its launch on May 19, the nominal trading volume of standard and micro XRP futures contracts has exceeded $542.8 million, indicating strong institutional and retail demand, according to CME Group's latest report.
CME explained, "The launch of XRP futures quickly demonstrated significant market interest and broad participation," with the first-day trading volume reaching $19.3 million, involving 15 companies and four retail trading platforms, adding, "This diverse participation, from ETF issuers to individual retail traders, highlights strong demand for XRP futures."
CME Group also noted that over 24,600 contracts were exchanged in the first month of trading, with nearly 50% of participants coming from outside the United States.
Additionally, the potential approval of a spot XRP ETF would see more funds flowing into XRP investment products, solidifying its status as a mainstream asset and driving up its price.
On Polymarket, the odds of an XRP ETF being approved by December 31 are currently at 76%.
According to crypto analyst XForceGlobal, XRP prices may be preparing for a significant breakout.
The recent pullback to $1.90 "sets the stage for a faster bullish route," the analyst stated on X, adding that the price has re-tested the key 0.618 Fibonacci level, around $2.00.
The accompanying chart shows Elliott Wave analysis predicting a potential breakout to $5.
In an earlier post, XForceGlobal stated that his target for this round is between $20 and $30. This aligns with Egrag Crypto's analysis, where Fibonacci extension levels around the symmetrical triangle predict XRP price targets of $8 to $27.
A positive breakout from the flag pattern could lead to the next wave of XRP's rise, measured at $14, or a 564% increase from current price levels.
As Cointelegraph reported, XRP's next significant surge may begin after buyers push the price above $2.65 (the upper limit of the current consolidation range), paving the way for a rise to $3 and beyond.
Related: Analyst: Michael Saylor's Strategy has a 91% probability of qualifying for the S&P 500 in Q2
Original article: “Three Signs That Ripple (XRP) Price is About to Break Out After 4 Months of Consolidation”
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