
Jakarta, Pintu News – As reported by Crypto News, the price of XRP on Saturday (23/8) was stuck in a narrow range, even though major coins such as Ethereum and Binance Coin managed to set record highs.
This consolidation phase is unlikely to last long, as there are a number of drivers that have the potential to increase prices by 75% this month.
At that time, Ripple was trading in the important range of $3, or about 90% higher than its lowest level this year. Here are the three main reasons why the asset has the potential to experience significant movement in the near future, according to analysts on the Crypto News website.
Technical analysis shows that the price of XRP is in a promising position to breakout soon. The daily chart shows that the current consolidation phase is part of the formation of a bullish flag pattern. This pattern consists of a vertical line resembling a flagpole, followed by a descending or horizontal channel that forms a flag area.
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The price target on this pattern is calculated by measuring the length of the flagpole, and then projecting from the breakout point. In this scenario, the resulting price target is around $4.6.
The flag section is also a continuation of the cup-and-handle pattern that started forming in January. With a “cup” depth of 53%, the upside price projection provides a target of $52, which is about 75% higher than the current level.

Ten major firms such as Invesco, Franklin Templeton and Bitwise have applied to launch a spot XRP ETF, and the chances of approval are increasing. Based on data from Polymarket and Kalshi, the chances have now reached 85%.
There is a high probability that the spot XRP ETF will be in demand by investors in the United States. In comparison, the spot Ethereum ETF has recorded net inflows of up to $12.4 billion, indicating high demand for altcoin-based ETFs.
In addition, recent data shows that the Teucrium XRP ETF managed to add more than $400 million in assets in recent months, while the newly launched ProShares XRP ETF has already raised more than $100 million. Though, historically, leveraged ETFs tend to be less popular than spot ETFs.
Read also: Bulls Tighten Their Grip on XRP, Setting the Stage for a $3.10 Breakout!
Another positive factor supporting the price of XRP is the development of its ecosystem. One of the key parts of the XRP Ledger is Ripple USD (RLUSD), which is now close to reaching the $700 million in assets milestone.
RLUSD has even been used in the recent Bullish IPO, and will most likely be used in the upcoming Gemini IPO as well.
Going forward, RLUSD will also benefit from the acquisition of Rail, which expands its market share in the payments sector. Data notes that in the last 30 days, RLUSD’s transaction volume increased by 15% to $2.7 billion.
In addition, the XRP Ledger has great potential as Ripple aims to replace the SWIFT network which is considered inefficient. Ripple’s platform offers faster transactions as well as lower fees, thus potentially strengthening its adoption globally.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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