As a researcher with a background in cryptocurrency and financial markets, I find the recent price surge of XRP to be an interesting development. The 1.6% increase within the last 24 hours, trading at $0.477 during European business hours on Monday, comes amidst speculation from Ripple CEO Monica Long regarding a possible XRP ETF soon. This is particularly noteworthy since Bitcoin price experienced a more significant rise of 4.93% over the weekend to trade above $63,300 at press time.
As an analyst, I’ve observed a noteworthy development in the cryptocurrency market. In the past 24 hours, XRP experienced a significant growth of 1.6%, reaching a trading price of $0.477 during European business hours on Monday. This uptick in XRP price comes amidst Ripple CEO Monica Long’s recent speculation about a potential upcoming XRP Exchange Traded Fund (ETF). Contrastingly, Bitcoin displayed an impressive growth over the weekend, surging by 4.93% and trading above $63,300 as of press time.
XRP Price Eyes 7% Gain Amid ETF Speculations
The price of XRP is on an upward trajectory currently, marking a 0.4% increase over the past week. Notably, the 4-hour chart now exhibits the asset surpassing its 50-day simple moving average (SMA), though it still falls short of the 200-day SMA. This price movement indicates a positive shift in the XRP market as it suggests growing optimism among investors.
The XRP 14-day RSI currently stands at 56, surpassing the midpoint, and is also advancing above its moving average. This signifies a growing bullish trend for the asset, potentially leading it towards the projected price of $0.5.
Although the 50-day simple moving average (SMA) indicates a favorable trend for XRP, the price remains confined between two distinct zones – orange and blue. Previously, XRP attempted to breach the smaller range (blue) on two occasions but was unsuccessful. Presently, the asset is making its third attempt to surmount this resistance level.
If XRP manages to surpass the $0.481 mark, its price is expected to increase by approximately 7% and reach $0.5. However, there might be some resistance at certain levels such as $0.484, $0.493, and $0.504. Conversely, if XRP experiences a downturn, it could find support around $0.466. Other potential support levels lie at $0.452 and $0.443.
From my perspective as an analyst, Bitcoin took a turn for the better, exhibiting robustness around the $60,000 mark and rebounding from it. Initially, there were concerns that this pivotal support level would give way, causing Bitcoin to plummet down to the $50,000 region.
I’ve analyzed the latest data and found that the Bitcoin Fear & Greed Index has increased from a reading of 47 last week to 53 today. This suggests that market sentiment towards Bitcoin is becoming more optimistic. As the price of Bitcoin continues to climb, it could potentially influence the price of XRP in a positive direction as well.
Why is the XRP Price Rising?
Last week, Monica Long, Ripple’s President, shared her thoughts on a potential XRP Exchange-Traded Fund (ETF) during an interview with The Scoop. She expressed optimism, suggesting that the XRP ETF could be available “within a week or two.”
RIPPLE PRESIDENT SAYS “#XRP ETF WILL COME IN A WEEK…. OR TWO”
— 25hoursawake (@25hoursawake) June 27, 2024
Lately, the Binance-SEC lawsuit has brought some clarification regarding the sale of digital assets in secondary markets, a significant aspect of the ongoing Ripple-SEC legal dispute.
In her judgment, Judge Amy Berman Jackson agreed with Judge Analisa Torres’ decision that XRP is not considered a security. Consequently, she rejected the Securities and Exchange Commission’s argument that transactions involving the sale of Binance Coin (BNB) on secondary markets should be classified as securities transactions.
Expert: The ruling of Judge Torres in the SEC vs Ripple case holds merit – the essence of XRP as a digital asset is distinct from that of a security. This perspective is gaining acceptance among other courts, aligning with established legal principles.
— Stuart Alderoty (@s_alderoty) June 29, 2024
Bottom Line
XRP could see a 7% increase relative to Bitcoin, indicative of a bullish outlook. This optimistic projection may be driven by intensifying anticipation surrounding potential ETF approvals in the cryptocurrency sphere. Consequently, this prediction implies a favorable short-term price movement for XRP, assuming market trends remain steady.
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2024-07-01 09:06