Analysts Maintain $30 Price Target Despite XRP's Current Phase

XRP ‘distribution’ phase does not change $30 price target: Analysts

XRP's price has experienced significant fluctuations, dropping sharply and then partially recovering. Analysts remain optimistic about XRP's future, predicting a potential price target of $30 based on current market trends and catalysts.

Key Takeaways:

XRP is projected to have a bullish macro outlook, with some analysts predicting a price target of $30.
The likely approval of spot XRP ETFs in the U.S. is a significant positive factor for XRP.

Positive Macro Outlook for XRP

Recent price movements of XRP indicate a consolidation trend within a symmetrical triangle on the monthly chart, suggesting that the cryptocurrency might be setting up for another bullish surge, according to analyst Egrag Crypto. In a recent post on X, he encouraged his followers to remain patient with the current sideways market behavior.

Egrag Crypto draws parallels between current price actions and previous cycles, noting that XRP has shown similar patterns where the price dips to establish new distribution levels before a notable breakout occurs. Past pullbacks of nearly 50% in July 2017 and December 2020 were followed by significant bullish monthly gains, indicating a potential path forward for XRP.

XRP/USD monthly chart. Source: Egrag Crypto

Analyst XForceGlobal echoed similar sentiments, highlighting that despite minor inefficiencies in shorter time frames, the higher-level chart indicates clear accumulation and a solid price floor after an extended distribution phase. He anticipates ongoing distribution to conclude between Wave 1 and Wave 2, poised for a substantial upward movement during Wave 3.

XRP/USD daily chart. Source: XForceGlobal

Catalysts for XRP Price Breakout

Several factors could trigger a breakout in XRP's price towards double digits. Noteworthy events include President Trump's announcement of a $2,000 tariff dividend, and the reopening of the U.S. government, which could facilitate the resumption of SEC operations and expedite ETF approvals. Analysts predict that the approval of spot XRP ETFs could lead to immediate gains of 20%-25%, pushing XRP’s price to $3.60 or beyond.

In addition, Canary Capital's XRP ETF is lined up to be the first U.S.-based fund to include XRP, following its recent SEC filing anticipated to be launched on Thursday.

🚨 LATEST: Canary Capital files Form 8-A for $XRP spot ETF, set to launch on Thursday at market open once Nasdaq certifies the listing, per Eleanor Terrett.

On The Paul Barron Show podcast, Canary Capital's CEO, Steven McClurg, projected that spot XRP ETFs could attract $5-$10 billion in inflows during their first month, potentially doubling the inflow impact experienced by spot Solana ETFs. Moreover, there are currently nine competing ETF filings listed at DTCC, increasing the potential for substantial capital inflows.

The Federal Reserve's recent October 29 rate cut to 3.75%-4.00%, coupled with a 63% likelihood of a further 0.25% rate cut in December and the possibility of quantitative easing, provides additional favorable conditions. Collectively, these catalysts may ignite a powerful bullish cycle, although resistance at $2.80, coupled with profit-taking from long-term holders, could keep bullish momentum in check.