As XRP exchange-traded fund (ETF) filings continue going through the roof, the third-largest cryptocurrency might be getting ready to skyrocket.
This development is supported by the fact that a hidden bullish divergence is popping up.
Market analyst Javon Marks acknowledged, “With this Hidden Bullish Divergence already confirmed in textbook fashion on $XRP, a continuation move higher could be only a matter of time, and being the largest ‘post-breakout’ pattern prices have exhibited thus far, a continuation move can be of substantial size.”
A bullish divergence usually depicts the weakening of selling momentum despite an asset’s price dropping. This emerges because, in spite of an asset making lower lows, technical indicators, such as the stochastic oscillator or the relative strength index (RSI), are making higher lows.
Therefore, there is light at the end of the tunnel for XRP.
Is XRP Eyeing an 86% Price Increase?
XRP looks set to hit the psychological price of $5 upon exiting an ascending triangle.
These sentiments were recently echoed by renowned market analyst Ali Martinez, who stated, “XRP is gearing up for a breakout from this ascending triangle, which could trigger an 86% price move.”
According to CoinMarketCap data, XRP was up 3.3% in the past week to hit $2.25.
An explosive breakout is expected with XRP ETF filings continuously painting a bullish picture.
This is because the United States Securities and Exchange Commission (SEC) recently acknowledged that it had received spot XRP ETF filings from leading asset managers, such as Canary Capital, Wisdom Tree, and Bitwise.