As an experienced financial analyst, I’ve closely observed the cryptocurrency market for several years now. The current consolidation trend of XRP against Bitcoin, lasting 64 days, is noteworthy as Bitcoin adoption continues to expand globally. The potential approval of various crypto ETFs, including Solana (SOL) and XRP, adds to the anticipation in the market.
As a researcher observing the cryptocurrency market, I’ve noticed that XRP has been holding steady against Bitcoin for the past 64 days, with no significant price movements. This consolidation period comes amidst surging global adoption of Bitcoin. Additionally, there are anticipations in the crypto community that the success of Ethereum‘s Spot ETF could pave the way for other crypto ETFs, such as Solana and XRP.
During European trading hours on Thursday, the cost of XRP remained approximately at $0.52, while Bitcoin was valued at $71,094.
XRP/BTC Price Analysis: XRP May Surge 19% If this Breakout Happens
The price of XRP has been decreasing relative to Bitcoin. Despite Bitcoin’s significant rise from $30,000 to over $70,000, XRP has hovered around the $0.5 mark. However, its current price movement lies above both the 50-day and 200-day simple moving averages.
Starting from April 2, the XRP price has been confined to a narrowing price range. It has touched the lower limit on two occasions but has only probed the upper boundary once. Moreover, there’s a developing falling wedge pattern within this range, implying a potential bullish breakout. This upside move could push the XRP price up to 0.00000882 BTC, representing a nearly 19% price increase.
Currently, the Bitcoin price has surged past the confines of its falling wedge pattern, indicating a bullish trend. This upward momentum places the price above both the 50-day and 200-day Simple Moving Averages (SMA), suggesting investor optimism regarding the asset. Nevertheless, BTC faces resistance in a specific price range that could pose challenges for bulls. If they manage to breach this barrier, Bitcoin has the potential to reach unprecedented highs. Conversely, there is support for the price around 69,000 levels.
Ripple CEO Predicts 2025 for XRP ETF, Fueling Crypto Fever
During his interview on Fox Business, Brad Garlinghouse, the CEO of Ripple, expressed a guarded positive outlook towards the Ethereum spot Exchange-Traded Fund (ETF). Simultaneously, he advocated for the consideration of an XRP-backed ETF.
#Ripple CEO @bgarlinghouse
Brad Garlinghouse: โA #XRP ETF is just simply inevitable.โ Fox Business
โ ๐๐ฎ๐ป๐ธXRP (@BankXRP) June 4, 2024
Based on Brad’s perspective, it’s only a matter of time before an XRP Exchange-Traded Fund (ETF) receives approval. Additionally, he anticipates the emergence of ETFs for other cryptocurrencies like Solana (SOL) and Cardano (ADA).
As a researcher following the cryptocurrency market closely, I believe that Garlinghouse anticipates the approval of the Ethereum spot Exchange-Traded Fund (ETF) by July. This expectation is rooted in the belief that such an approval will broaden the investment horizon for those new to crypto markets, enabling them to easily onboard into this exciting and rapidly evolving sector.
While supplies of Bitcoin are still being mined, the desire for this digital currency is rapidly growing. The amount of Bitcoin acquired by Exchange-Traded Funds (ETFs) has far surpassed the current rate of new Bitcoin production. This imbalance could lead to substantial price hikes as demand significantly exceeds the available supply by a factor of ten.
Bottom Line
As the broader cryptocurrency market contemplates the prospect of multi-asset Exchange Traded Funds (ETFs), onlookers are keenly observing the potential repercussions for the industry’s expansion. According to Garlinghouse, an XRP ETF could materialize around 2025 โ a time when the bull market may reach its peak. This significant milestone might propel the XRP price up to $10.
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2024-06-06 09:26