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The XRP price edged down a fraction of a percent in the last 24 hours to trade at $3.09 as of 2:26 a.m. EST on trading volume that dropped 34% to $4.2 billion.
This comes as Grayscale applies to the US Securities and Exchange Commission (SEC) to change its XRP Trust into an exchange-traded fund (ETF).
The firm’s justification for seeking to convert the trust into an ETF is that such a product would give investors greater access to the Ripple token without the cost and complexity of directly buying the asset.
🚨🚨🚨 HUGE 👉🏻 @NYSE 19b-4 filed to convert @Grayscale $XRP Trust to a Spot ETF.
The best is yet to come..
— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) January 30, 2025
With the filing, Grayscale now joins other asset management firms like CoinShares, Wisdom Tree, ProShares, REX Shares, and Bitwise, who have all submitted filings for XRP ETFs.
XRP Price Poised For A Breakout
The XRP price analysis on the 4-hour chart shows a consolidation pattern following a strong uptrend.
After experiencing a significant bullish move, the Ripple token price has formed a falling wedge pattern, characterized by lower highs and lower lows. This is generally considered a bullish continuation pattern after a period of consolidation.
The current price is around $3.09, hovering close to the 50-day Simple Moving Average (SMA), which is at $3.0890. The 200-day (SMA) sits at $2.7250, which has acted as a dynamic support level in previous price action, according to data from GeckoTerminal.
If XRP breaks above the upper resistance of the wedge, a new bullish rally could follow. On the downside, a breakdown below support could lead to further declines.
Meanwhile, the Relative Strength Index (RSI) is hovering around the midpoint (50), showing no clear overbought or oversold conditions. This suggests a phase of consolidation before the next major price movement.
The breakout sentiment is cemented by the movement of the Moving Average Convergence Divergence (MACD), with the blue MACD crossing above the orange signal line, forming a bullish crossover.
Ripple Token Price Prediction: Breakout Or Breakdown?
Given the current consolidation within the descending triangle, the next major Ripple token price movement will likely be dictated by a breakout or breakdown.
If XRP breaks above the $3.20 resistance, the price could rally toward the next key resistance at $3.50 or higher. A sustained breakout confirmation could push the price of XRP toward $3.80 or even $4.00 in the coming days.
Conversely, a breakdown below $3.00 support could trigger a drop toward the $2.80 level, with the 200-day SMA at $2.72 serving as major support.
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