XRP on the Brink: Analysts Eye Key Accumulation Zone for Potential Rally

Hang onto your hats, XRP fans! Analysts are buzzing about XRP trading near a crucial accumulation zone that could set the stage for a wild upward rally. We're talking about a game-changer here!

In a fiery X post on April 8, Analyst Dom dropped the bomb that XRP is filling a "liquidity void," fixing a price action hiccup from late November. Right now, XRP's stuck in a tight range, bouncing between $1.50 and $2.00. It's like a coiled spring, ready to explode!

Dom's got his eyes on the $2 mark, calling it a critical resistance level and the key accumulation zone. If XRP can bust through that barrier, it could signal a massive shift in the market structure, officially putting an end to the current downtrend. Buckle up, folks!

At press time, XRP (XRP) took a 3.3% hit over the past 24 hours, trading at $1.80. Its market cap is still sitting pretty at over $104 billion, but its daily trading volume took a 42% nosedive to $6.3 billion. It's a wild ride, but XRP's not out of the game yet!

Bullish Catalysts for XRP

Despite the recent dip, XRP's got a whole arsenal of bullish catalysts that have traders chomping at the bit for a rally.

First up, Teucrium's leveraged XRP ETF (XXRP) just hit the scene, marking the first XRP-linked ETF in the U.S. and offering double daily returns on XRP. This is a huge deal, folks! It's setting a major precedent for institutional involvement and giving Ripple-based investment products some serious street cred in traditional markets.

This milestone comes hot on the heels of the SEC dropping its appeal and settling the Ripple case with a $50 million penalty, finally putting an end to the regulatory uncertainty that's been hanging over XRP like a dark cloud. With that legal clarity, institutional interest is back in full force, with big names like Franklin Templeton, Bitwise, and 21Shares all gunning for spot XRP ETFs.

And get this: the excitement's building around the potential launch of a spot XRP ETF by the end of 2025. According to Polymarket data, approval odds have climbed back to 77%, bouncing back from a dip to 72% on April 7. It's like a rollercoaster, but XRP's on the upswing!

Second, Ripple just made a massive move, acquiring prime brokerage firm Hidden Road in a jaw-dropping $1.25 billion deal. That's one of the biggest deals in crypto history, people! This acquisition is expanding Ripple's institutional footprint, leveraging Hidden Road's established client network and positioning Ripple as a heavyweight in global finance.

Third, on-chain metrics are screaming bullish. Data from Santiment shows wallets holding 100,000 to 100 million XRP, aka the smart money, are steadily accumulating. These big players are buying the dip, showing some serious conviction and hinting at an upcoming price surge.

XRP's MVRV Z-Score has also plummeted to 1.43, the lowest it's been since last November. And get this: the last time it was this low, XRP kicked off a bull run and soared to its all-time high of $3.40. A lower MVRV Z-Score means XRP's undervalued compared to its historical average, signaling that the market might be near a bottom and ready to bounce back.

Meanwhile, XRP's weighted funding rate has flipped back to green, showing that investor sentiment among XRP derivative traders is on the rise. More traders are placing bullish bets after a period of caution, and that's a good sign for XRP's future.

According to the crypto news gurus, $2 is the next big target for XRP. But if you're thinking long-term, the experts at Standard Chartered are projecting an even higher price target of $5.5 by year-end. After XRP's mind-blowing 580% rally from November 2024 to January 2025, they're saying there's room for another 214% move from current levels. Hold on tight, XRP's about to take off!

XRP Still in Correction Phase

But hold your horses, because not everyone's on the same page. Trader Chetan Gurjar thinks XRP's still in its wave 2 correction phase, according to the Elliott Wave theory. That's a popular trading method where prices move in patterns of five waves up during a trend and three waves down during a correction.

Right now, Chetan believes XRP's in one of those "down" phases, wave 2, which usually happens before the next big move up. He sees this dip as a healthy retracement, with possible bottom zones around key Fibonacci levels: $1.48, $1.1453, and $0.8856. It's like XRP's taking a breather before the next big push.

But Chetan's not just looking at the short-term. He's got some lofty long-term targets too: at least $8–$12, with the possibility of XRP reaching as high as $23–$30 during the next major cycle. That's some serious potential, folks! But he does warn that a breakdown below $0.3823 would throw a wrench in his current wave count.

Disclosure: This article is for educational purposes only and does not represent investment advice. Do your own research and make your own decisions, but keep an eye on XRP – it's about to get exciting!