In a major move that could shape the future of crypto adoption, Nasdaq on June 2, 2024, filed the proposed rule change under SEC Rule 19b-4 for the extension of its digital asset benchmark. The addition of XRP, Solana (SOL), Stellar (XLM), and Cardano (ADA) represents the historic legitimization of prime altcoins in the traditional finance world. But what does this hold for the prices of ripple?
Could this event become the final piece of the puzzle that takes the altcoin up to its long-anticipated destination of $13–$15?
By adding XRP to the benchmark, Nasdaq is sending a strong message of confidence to institutional investors. This move will improve XRP's visibility to key Wall Street players while simultaneously enhancing its credibility within a regulated financial setting. Such an integration can provide major strength as a tailwind to long-term bullish sentiment, possibly expediting payment rail and DeFi protocol adoption.
Interest from institutions comes just at an excellent moment when XRP breaks through important technical resistance levels, presenting the right conditions for a potent upward move.
According to Rose Premium Signals, the altcoin recently saw a complete breakout from a long-term falling channel on the weekly chart, which is a daily classic bullish reversal sign. After the breakout, the altcoin is now consolidating above structural support, wherein $1.8502 has been identified as a potential retesting zone to accompany re-entry.
The immediate bullish price targets are as follows:
$2.9520 – first major resistance
$3.3967 – secondary bullish target
$3.8767 – longer-term projection
As long as the token remains above the breakout zone, the bullish structure stands and has buyers in clear control.
From the bullish side, there exists such a big prediction of Elliott from the EGRAG Crypto, boldly suggesting a 2,500% rally by July 2025, in line with the previous market cycles.
His analysis breaks down the movement into three historic cycles, with each cycle being a two-step move-first an upward movement followed by consolidation and then an explosive second wave.
Presently, the altcoin finds itself in the latter half of Cycle 3, with consolidation around the $0.58 level acting as the primary base. Furthermore, the 21-week EMA is rolling over, a classic momentum-building background.
If history presents itself, then EGRAG anticipates a rally somewhere between the highs of $13 and $15 with gains similar to those gained in the prior cycles.
Also read: Metaplanet Aims for 210K BTC by 2027– Can MTPLF Stock Rally 5X?
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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