The XRP price has plunged by 5.45% in the last 24 hours to trade at $0.54 as of 8:35 a.m. EST on a 4.4% surge in trading volume to $1.54 billion. The plunge in XRP price comes as Ripple's CEO, Brad Garlinghouse, expresses openness to the idea of an exchange-traded fund (ETF) centred around the XRP token.

The CEO says it "simply makes sense" to introduce other ETFs, as he draws parallel between the current state of spot Bitcoin ETFs and the developing stages of the stock market.

Garlinghouse suggested that investors should seek diversification rather than being solely exposed to individual stocks. XRP Price Signals A Bullish Trend Reversal Forming A Falling Wedge Pattern.

XRPUSD Analysis by Tradingview

The XRP is encountering a significant obstacle in breaking through the $0.75 resistance mark, hindering bullish momentum, and allowing the bears to drive prices lower. This has resulted in the formation of a falling wedge pattern which indicates a bullish trend reversal.

The bulls have stabilized the current upward trend, finding support at $0.48, aligning with the lower boundary of the falling wedge.

XRP Price Indicator Signals Bullish Reversal 

Despite the daily chart's 50-day and 200-day Simple Moving Averages are trading below the price. However, the 50-day SMA could be a bullish signal to help the bulls fly the XRP price to a new high.

The Relative Strength Index (RSI) has declined to the 50 midline level indicating intense selling pressure in the XRP price. However, if the bullish traders act on the wedge, the RSI may rise back to the overbought zone of 70.

The MACD indicates signs of rebound above the midline level as the blue moving average crosses above the orange signal line in a bullish stance. Moreover, the histogram bars show positive momentum appearing above the neutral level.

XRP price might skyrocket to a $0.78 high if the bullish momentum sustains above the falling wedge pattern. A further push above this level could see the price touch $0.95 high in the upcoming weeks. 

However, the $0.75 resistance remains a hurdle the bulls must overcome. In a more corrective phase, the bears may push the price towards the support zone at $0.45.

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