XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone

XRP price remains under intense pressure as woes in the crypto market industry continue. Ripple token was trading at $2.4 today, Oct. 22, down by 23% from its highest point this month and 35% from the year-to-date high.

Still, the XRP token has numerous bullish catalysts that may lead to a strong bullish breakout in the near term. 

XRP Price Inverse Head & Shoulders Points to a Rebound

The easiest XRP price prediction is bearish as the coin remains below all moving averages, and the bearish momentum is continuing. However, a closer look at the four-hour chart shows that it has formed a highly bullish classical pattern that may lead to a strong breakout in the near term as the Ripple ETF inflows rise.

It is slowly forming the inverse head-and-shoulders pattern. This pattern is made up of three key sections. It has a head, which, in this case is at $2.20. The left shoulder is at $2.32, and is now in the process of forming the right section. It has a slanted neckline, which connects the highest swings since October 13. 

Therefore, there is a likelihood that the coin will bounce back and possibly hit the important resistance level at $2.5518, the highest point on October 20. A move above that level will point to more gains, potentially to $2.6928, the lowest swing on September 22.

However, a drop below the left shoulder at $2.32 will invalidate the bullish forecast and point to more downside to the head section at $2.18. 

XRP ETF Inflows are Rising

One potential catalyst for the XRP price is that demand for the coin is still rising in Wall Street. Data shown on the website shows that the recently launched REX-Osprey XRP ETF (XRPR) is gaining traction among investors. 

The fund, which was launched on September 18, has already crossed the important milestone of $100 million. Another data compiled by ETF.com shows that it has had inflows in all days since its launch. Most notably, it has had inflows despite the recent crypto market crash. 

The ongoing momentum is a sign that the spot XRP ETFs by firms like Franklin Templeton and Bitwise will have more inflows when they are approved by the Securities and Exchange Commission (SEC).

Meanwhile, XRP price may surge as it nears another milestone in the fast-growing stablecoin industry. Data shows that the Ripple USD (RLUSD) stablecoin has gained over $874 million in assets, meaning that it may cross the important $1 billion milestone in the coming weeks. Soaring stablecoin growth means that the XRP Ledger network will keep gaining momentum.