XRP bulls could use Ethereum ETFs to trigger a rally

XRP bulls are keeping a close watch on the launch of five spot Ethereum ETFs in three days, hoping this could ignite a rally. One that could push it to the formidable $1 mark. 

With XRP currently trading at $0.5906, down by 0.27% right now, this is just a continuation of a weak performance that has lasted over a year. Though XRP’s current price shows a minor bullish trend as it trades above the key moving averages. 

The 50-period moving average sits at $0.5863, and the 200-period moving average is at $0.5851. The main support levels are at $0.5774, $0.5631, and $0.5609. 

These levels are where buyers might step in, preventing XRP from consolidating hard. Again. Resistance levels are at $0.7004, $0.7847, and $0.8169 and the bulls must overcome them if we are to see a real bullish reversal.

Analyzing price patterns, there’s a double bottom formation around $0.5744. This pattern is for a bullish reversal that typically starts at the end of a downtrend and the start of an upward move. 

Conversely, a double top pattern at $0.6169 shows strong resistance, hinting at a potential bearish reversal if XRP fails to break above it.

The Fibonacci retracement tells us that key levels to watch are $0.6378 (100% level) and $0.5400 (0% level), with intermediate levels at $0.6004 and $0.5889.

Related: XRP price prediction 2024-2030: Is $1 coming soon?

The RSI at 54.59 means the market is neither overbought nor oversold, so there’s room for upward or downward movements without an immediate risk of reversal.

The MACD line is at 227.11, while the signal line is at 558.60. The positive histogram, with the MACD line above the signal line, shows bullish momentum.

This means the buying pressure is currently stronger, and the upward trend might continue if these conditions hold.