As a seasoned researcher with over a decade of experience in the financial markets, I have seen my fair share of bull runs and bear markets. However, the current state of the crypto market, particularly the Ethereum (ETH) and Ripple (XRP) tokens, has piqued my interest like never before.
The crypto market is full of surprises where sudden changes and new movements are common, especially with the XRP price due to the lawsuit. However, the last few days focued on recovery for popular cryptocurrencies like XRP, Ethereum, and many others. These altcoins were on the upsurge, thanks to a slight push from the bulls. However, this seems to be slowing down today as the Ethereum price chart is moving downwards, followed by XRP. Unlike the user’s concerns about halted growth in the Ethereum and XRP price, big rallies might happen in the future, and there are five main reasons to believe in that.
5 Reasons Why Ethereum and XRP Price Rally Is Just Beginning?
Over the past week, Ethereum’s price has increased nearly 6%, moving from approximately $2200 to its current level of $2,550. Meanwhile, XRP, which has been struggling, came close to the $0.6 mark, giving its supporters a glimmer of hope for a full recovery. But today, a 1% decrease in XRP’s price, now at around $0.582, raises doubts about another brief price surge.
According to numerous analysts, including Captain Faibik, there’s a strong prediction of a significant surge in the value of XRP due to chart patterns suggesting a Triangle Upside Breakout. Here are five compelling reasons why this bullish trend might also be seen for both Ethereum and XRP.
$XRP is on the cusp of Massive Triangle Upside Breakout..!!
Massive Pump is on the way..#Crypto #XRP #XRPUSDT
— Captain Faibik (@CryptoFaibik) September 16, 2024
1. Federal Reserve’s Implemented 0.50% Interest Rate Cuts
Similar to traditional financial markets, the cryptocurrency market is influenced by broader economic factors, including the U.S. economy, Federal Reserve’s monetary policy decisions like interest rate cuts, among others. A significant macroeconomic event has recently transpired when the Fed reduced its benchmark interest rate by 0.50% after a gap of four years, and there might be more such adjustments in the near future.
Lowering U.S. interest rates might stimulate liquidity within the financial market since it makes borrowing more accessible for investors. With easier access to loans, these investors may seek out attractive investment opportunities such as the crypto market. Given that Ethereum and Ripple (XRP) are among the most prominent cryptocurrencies in the market, an increase in investments is likely, which could drive up their prices.
From my perspective as an analyst, there’s been a split in the community about the crypto market, but it’s undeniable that we’ve seen indications of recovery. This revival seems to be driving the current surge in Ethereum and Ripple prices, with potential for further growth on the horizon.
2. Upcoming Uptober And Bull Run Will Push Ethereum and XRP Price
As a seasoned crypto investor, I’ve observed that Ethereum and XRP have shown impressive growth spurts in the past, only to enter a period of consolidation. This phase, while common after strong performances, can sometimes be unpredictable in terms of duration. However, one thing that’s certain is the potential recovery of these assets, driven by market events and technical upgrades. October, historically known as ‘Uptober’, tends to bring gains in Bitcoin price. Given this pattern, a significant recovery across the entire crypto market, including Ethereum and XRP prices, seems predictable this year.
For the past thirteen years, Bitcoin’s development has shown an exponential pattern, experiencing downturns just twice – in 2014 and 2018. When looking at the previous five years specifically, the price of Bitcoin has consistently risen every October. If this trend continues this year as well, it could lead to a rise in both XRP and Ethereum prices.
3. Rising Hype Around Spot Ethereum ETF and Grayscale XRP Trust
As expected, the Spot Ethereum ETF has seen increasing interest since its debut a few months back. According to Spotonchain’s latest findings, the US Ethereum ETF flow statistics have been positive for two out of the last five trading days. On September 20th alone, there was a $2.9 million inflow into Ethereum ETFs, which might seem small but clearly demonstrates strong demand for this asset.
Spot ETF: $92M to $BTC and $2.9M to $ETH
Sep 20, 2024
The total flow for BTC ETFs this week is +$397M, with inflows on 4 out of 5 trading days.
The total flow for ETH ETFs this week is -$26.2M, with inflows on 2 out of 5 trading days.
Follow @spotonchain and…
— Spot On Chain (@spotonchain) September 21, 2024
Furthermore, it’s worth noting that Bitcoin Spot ETF inflows were significantly higher at $92M compared to what we see here. Yet, Ethereum ETF’s popularity cannot be overlooked. Meanwhile, Grayscale has revealed plans for a new XRP trust, previously halted due to the ongoing Ripple lawsuit.
As a researcher, I’ve noticed a chain of occurrences that seem to be propelling the price of XRP towards unprecedented heights. Notably, Robinhood, a well-known cryptocurrency exchange, has hinted at reintroducing the XRP token, suggesting a renewed market acceptance for XRP. Furthermore, there’s been a palpable excitement among users regarding the potential XRP ETF, inspired by Grayscale’s history of transforming its Trusts into Exchange-Traded Funds.
4. XRP Price To Surge As Victory Confirmed In Ripple Vs SEC Lawsuit
The legal battle between Ripple and the SEC has concluded without further appeal, suggesting that Ripple emerged victorious in its entirety. Despite a $125 million fine being imposed, this represents a significant reduction of 94% for Ripple. Moreover, there are whispers that Ripple has already settled the fine, bringing an end to a four-year ordeal, particularly for the XRP market value.
From the inception of this case, XRP has persistently faced challenges on the price graph, plummeting 85% from its peak period. The conclusion of this lawsuit is anticipated to propel the XRP price to unprecedented levels, with numerous analysts predicting a significant rise that could potentially reach $5, $20, and even $100.
5 Ethereum Price To Boost With ETH Options
The Securities and Exchange Commission (SEC) has given the green light to Bitcoin ETF options, enabling trading of BlackRock’s iShares Bitcoin Trust ETF using the symbol IBIT. This move also paves the way for potential Ethereum options trading. However, while the Nasdaq has applied for similar approval, industry experts predict a delay in its acceptance.
If the approval is granted, as expected by April 2025, it would significantly enhance the ETH ETF and Ethereum’s market value. This is because a greater number of investment options will be available to investors, thereby increasing the attractiveness of crypto ETFs.
Final Thoughts
As a crypto investor, I’ve weathered the ups and downs of Ethereum’s market price, but it continues to hold its ground on the global stage with countless users eagerly anticipating potential returns. The years-long faith in Ethereum, coupled with the upcoming US spot Ethereum ETF, serves as a solid foundation for future price surges. Conversely, the long-awaited resolution of the Ripple vs SEC lawsuit seems to be approaching, which could potentially herald growth and price recovery for XRP.
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2024-09-21 13:00