XRP Price Targets $5 Breakout as ETF Approval Odds Rise to 87%

XRP is showing recovery signs, bouncing back from $2.80 support. Analysts are targeting a rally to $5 and anticipating a breakout from the bull flag pattern.

XRP Price Breakout Potential

XRP trades within a bull flag pattern, facing resistance near $3.
A daily close above $3 would indicate a bullish breakout, aiming for $5, representing a potential 77% gain.
Resistance at the 50-day SMA is currently at $3.08.
Key support levels are between the 100-day SMA at $2.68 and the 200-day SMA at $2.48.
Holding above $2.47 maintains bullish momentum towards $4.80.

XRP price shows potential breakout from the bull flag pattern. | Source: TradingView

XRP ETF Approval Odds Increase

Odds of XRP ETF approval have risen to 87%, according to Polymarket data.
The ETF could attract up to $5 billion in investments within its first month.
The SEC is reviewing 11 Ripple ETF applications, with an October deadline for most filings.

Odds of XRP ETF approval. | Source: Polymarket