XRP, a teaser for a 48% surge as physical ETF is realized…Possible rebound of up to $3.4

The U.S. Securities and Exchange Commission (SEC) has begun the official review process for WisdomTree's XRP spot ETF application, which has led to a strong upward trend in XRP prices.
XRP's technical analysis is currently forming a falling wedge pattern, known as a bullish reversal signal, and it could rise as much as 48% to 3.
On the daily chart, XRP is retesting the upper resistance of a descending wedge pattern at $2.42.
A breakout would spur a strong upside surge that is expected to carry the price to the wedge pattern’s technical target price of $3.40, which represents about 48% upside potential from the current prices.
Technically, a falling wedge pattern is a series of narrowing highs and lows that usually signifies a weakening downtrend.
The Relative Strength Index (RSI) has risen from 31 on April 8 to a current level of 47, suggesting that buying is gradually gaining strength.
However, to continue the uptrend, the cryptocurrency must first hold the support at $2.20 and then break out of the key resistance levels at $2.60-2.80.
Cryptocurrency trader Cryptowzrd said: "XRP is still holding a falling wedge pattern and if it breaks above this, it could move past the $2.80 resistance and reach a peak.
"It will eventually reach a new all-time high," he predicted. The core of the bullish expectation is the SEC's start of consideration for an XRP spot ETF. On the 27th of last month, the SEC announced that it would consider a WisdomTree XRP spot ETF.
The CME has begun official review of the P physical ETF product, and is now in the 21-day public comment period and a maximum 240-day review period.
CF tracks the Ripple-to-USD exchange rate and provides investors with a way to indirectly invest in XRP without having to hold it directly.
Meanwhile, as of 1:25 p.m. on the 29th, XRP was trading at $2.28 on the cryptocurrency marketplace CoinMarketCap, down 0.92% from 24 hours earlier.