XRP news update: Traders predict consolidation to $2.35 amid ETF speculation
Key points:XRP struggles to break above the $2.35 resistance, pointing to a lack of demand at higher levels.Rising odds of an XRP ETF approval could catalyze the next leg of an XRP rally.Bloomberg’s exchange-traded fund specialists Eric Balchunas and James Seyffart project a 95% possibility of XRP , Solana , and Litecoin ETFs being greenlit by the US Securities and Exchange Commission in 2025.Could XRP’s price consolidation act as a launch pad for the next move higher, or will the bears pull the price lower? Let’s analyze the charts to find out.XRP price predictionBuyers pushed XRP above the 50-day simple moving average (SMA) ($2.24) on Monday, but the long wick on the candlestick shows selling at higher levels.The 20-day exponential moving average (EMA) ($2.17) is the key level to watch out for in the near term. If the price rebounds off the 20-day EMA with force, it increases the likelihood of a break above the $2.35 resistance. If that happens, the pair may surge to $2.65.Contrarily, if the price breaks and maintains below the 20-day EMA, it signals that the bears are trying to seize control. The pair could slide to $2.06 and later to $2. Buyers are expected to defend the $2 level with all their might because a close below it opens the doors for a fall to $1.61.The 4-hour chart shows that the bears are fiercely defending the $2.35 level. There is support at the 50-SMA, but if the bears prevail, the pair could drop to $2.06. This is a critical level for the bulls to defend because a break below $2.06 may sink the pair to $2.On the contrary, if the price turns up from the 50-day SMA, the bulls will try to push the pair to the neckline of the inverse head-and-shoulders pattern. A break and close above the neckline completes the bullish setup, which has a target objective of $2.76.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.