XRP’s Path to a New All-Time High: ETF Hopes & Wells Fargo Boost

$XRP optimists forecast a potential surge for the altcoin, possibly pushing its price to a new all-time high (ATH) if the SEC approves an $XRP ETF, among other factors. The likelihood of an $XRP ETF significantly increased following the conclusion of the long-running case between Ripple and the SEC, with Judge Analisa Torres ruling $XRP is not a security.

Tradingview’s data shows $XRP’s price surged 30% following the judgment but has since consolidated, pulling back to the $0.56 region after reaching a $0.64 local high. Notably, $XRP’s recent price pullback coincided with a significant drop in the decentralized finance (DeFi) total value locked (TVL), suggesting a profit-taking period from investors.

Meanwhile, analysts have spotted market signals that could trigger an $XRP rally, especially those supported by the regulatory clarity provided by the recent court judgment. For instance, there is heightened belief among optimistic $XRP supporters that the SEC would approve an $XRP ETF before the end of 2024. In addition, some of these supporters expect Ripple to launch an Initial Public Offering (IPO) during the same period.

Still, on $XRP’s bullish signals, Wells Fargo, an American multinational financial services company, plans to implement $XRP for loan payments and settling credit card debts. The development reinforces plans by traditional banks to implement digital currencies. Wells Fargo’s $XRP program will allow customers to earn cash-back rewards executed on the $XRP Ledger System called CryptoTradingFund (CTF).

Technical indicators also support a potential $XRP rally. The Bollinger Bands indicator on $XRP’s 4-hour chart hints at a breakout by forming a squeeze, with $XRP trading around the lower range of the band. $XRP’s price action also reflected a fading selling pressure in the past week, with the price forming higher lows after bouncing off support at the 0.5 Fibonacci level, coinciding with the $0.54555 price for $XRP.