Is XRP ETF Next In Line Despite Ripple vs SEC Lawsuit: XRP Price To Hit $10?

by

As a researcher with a background in crypto markets, I’ve observed the recent ups and downs of XRP‘s price action and the potential implications of Ethereum ETF news. The market has shown resilience, with XRP reclaiming support at $0.5 after favorable CPI data and riding on the coattails of Ethereum ETF optimism. However, volatility remains a factor, with a minor correction this week due to profit-taking.

After several weeks marked by continuous adjustments and conflicting messages, the crypto market exhibited renewed vigor last week. The early surge, during which XRP regained its footing at $0.5, was fueled by encouraging Consumer Price Index (CPI) figures. A minor pullback over the weekend due to profit-taking presented an opportunity for investors to buy at lower prices, thereby setting the stage for a rise to $0.54 on Monday.

This week’s outstanding Ethereum showings were bolstered by news about potential Ethereum ETFs. According to Ethereum price predictions, SEC analysts have upped the likelihood of approval from a mere 25% to a more promising 75%.

As a researcher studying the cryptocurrency market, I’ve noticed that despite optimistic expectations towards the ETF, XRP experienced heightened volatility on Wednesday. This might have contributed to a 3% decrease in its value within a day, bringing it down to $0.5313 based on CoinGecko data.

Can XRP Get A Spot ETF?

In January, the approval of a Bitcoin ETF led to renewed optimism about Ethereum ETFs being approved as well. Consequently, companies intensified their work on launching such products, with industry heavyweights like BlackRock, Bitwise, and Franklin Templeton leading the charge.

Recently, there’s been a dearth of discussion regarding the potential SEC approval of an ETF based on the second largest cryptocurrency. The scant dialogue between the SEC and ETF hopefuls has led experts to become less hopeful about the prospect.

This week, the prospects for Ether ETF approval received a notable boost. According to Bloomberg analysts like Eric Balchunas, there’s been an uptick in political intervention regarding the issue.

Approval of such a request signifies a significant advancement for Ethereum and the cryptocurrency market as a whole. This development is expected to boost confidence among stakeholders, potentially leading to increased talk about an XRP exchange-traded fund (ETF).

The major hurdle for an XRP ETF lies in the ongoing Ripple-SEC legal dispute. While it was decided in July that secondary XRP transactions do not classify as securities, Ripple continues to face charges for selling XRP directly to institutional investors.

In recent developments, the Securities and Exchange Commission (SEC) opposed Ripple’s request to keep certain documents confidential and made them publicly available.

As a crypto investor, I’m keeping a close eye on the ongoing court case involving Ripple. The outcome could potentially pave the way for a spot XRP Exchange-Traded Fund (ETF). With a favorable decision for Ripple, the likelihood of an XRP ETF gaining approval increases significantly. Let’s wait and see what the judge decides next.

As an analyst, I would advise that if the Securities and Exchange Commission (SEC) successfully enforces stricter regulations on certain cryptocurrencies, investors might need to consider alternatives such as Solana (SOL) to mitigate potential risks.

Despite this, an Exchange-Traded Fund (ETF) focused on XRP could potentially fuel the coin’s projected surge in 2024 and 2025. Analysts forecast that XRP’s price will reach a record high once again and possibly bridge the gap towards $10 during the bull market.

XRP Price Analysis: Is The Next Breakout Imminent?

As an analyst, I’ve observed that XRP has been holding steady above the 20-day Exponential Moving Average (EMA) at around $0.5224. This positioning above the EMA indicates a bullish outlook for the cryptocurrency. Additionally, there is a noticeable compression of the Bollinger Bands, signaling a potential breakout in the near future. My prediction is that XRP could reach $1 within the coming weeks based on this analysis.

Is XRP ETF Next In Line Despite Ripple vs SEC Lawsuit: XRP Price To Hit $10?

As a crypto investor, I believe that if the price closes above the red 50-day moving average at $0.536 on a daily basis, it could strengthen the bullish trend for the upcoming sessions. The Bollinger Bands, which indicate volatility levels, are becoming tighter, increasing the likelihood and potential impact of a breakout.

If XRP manages to surpass its 200-day moving average denoted by the purple line, there is a high likelihood that fear of missing out (FOMO) could trigger significant price action, potentially bringing the value closer to the $1 mark. Pivotal resistance levels for XRP’s long-term upward trend are located at $0.6, $0.7, and $0.8.

Read More

2024-05-22 19:12