- XRP technical indicators show more uptrends ahead for the coin.
- Adopting key ecosystem products like RLUSD and improving regulations can also drive prices.
Crypto analyst and Economist Mikybull claims XRP is set to witness a new breakout in its price. Notably, the analyst’s optimistic outlook for XRP is largely backed by positive technical indicators and favorable broader market sentiments.
Bullish XRP Technical Indicators
In a recent X post, Mikybull released a 4H chart that showed the formation of a continuation pattern after a sharp bullish breakout. At the time of the post, XRP’s price traded at $3.1999, demonstrating a 24-hour decline of 2.16%. However, the coin is in recovery mode at the moment.
$XRP preparing for another monstrous move 🚀 pic.twitter.com/JQfp6rWnBu
— Mikybull 🐂Crypto (@MikybullCrypto) January 19, 2025
Notably, the chart from Mikybull highlighted key technical signals that support a potential upward movement. Previously, XRP broke out of a descending wedge pattern, indicating that the decreasing prices are beginning to lose momentum. XRP experienced a sharp increase after the breakout, creating a steep ascending trendline.
The price consolidates within a smaller descending channel, usually interpreted as a “bull flag.” As noted, validating this pattern by a breakout above the channel’s resistance may indicate a continuation of the previous rally.
The Relative Strength Index (RSI) is another key metric showing room for further XRP upsides. The RSI currently stands at 57.12, indicating a neutral-to-bullish momentum. An RSI value below 70 indicates an asset is not overbought, signaling a potential upward reversal. Hence, XRP can see more uptrends if buying pressure increases.
While technical indicators show bullishness, XRP must break above key levels to fulfill this potential. For instance, a breakout above the bull flag’s resistance could open the way for further gains, even toward new local highs. However, the price could consolidate further or even retrace if XRP fails to break out of the resistance.
At press time, XRP price was trading at $3.17, up 2.2% in the last 24 hours.
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Key Factors to Watch: ETF, Regulatory Shift, and RLUSD
Meanwhile, key factors such as Exchange-Traded Funds (ETFs), regulatory shift, and RLUSD adoption are crucial in determining XRP’s price trajectory.
The emergence of a pro-crypto government under Donald Trump has fueled growing expectations of an XRP ETF approval in 2025. In a recent CNF update, Ripple President Monica Long confirmed filings from Bitwise, 21Shares, WisdomTree, and Canary Capital could receive approval under the new administration.
An eventual XRP ETF approval from the US Securities and Exchange Commission (SEC) will lead to increased adoption from institutional investors. As more liquidity flows into the market, XRP’s price could rally to new highs, aligning with Mikybull’s forecast.
Also, the new administration could bring about a speedy resolution of the long-standing Ripple vs SEC case. As featured in our recent coverage, the White House has unveiled Mark Uyeda as the acting Chairman of the US SEC after Gary Gensler resigned officially on Monday.
Further, Ripple’s RLUSD stablecoin, which debuted in December, continues to see increased adoption and growth. As previously mentioned in our report, Cardano Founder Charles Hoskinson revealed a possible RLUSD integration, which would be a game-changer for both XRP and ADA.
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