XRP Price Renews Push To $1 As Ripple’s Brad Garlinghouse Sets Sight On XRP ETF

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As an experienced financial analyst, I’ve closely monitored the XRP market over the past week and have formed an opinion based on the available data. The recent 1.7% increase in XRP price, including a slight gain of 0.1% in the last 24 hours, is noteworthy but should be taken with caution.

Over the past seven days, XRP‘s price has climbed by 1.7%, with a minor gain of 0.1% in the recent 24-hour period. The SEC’s announcement to abandon its probe into Ethereum has fueled whispers of an ETH ETF being approved, potentially instigating anticipation for an XRP ETF as well.

XRP Price Remains in Range with $0.55 in Sight

XRP Price Renews Push To $1 As Ripple’s Brad Garlinghouse Sets Sight On XRP ETF

Since June 2022, XRP‘s price has consistently risen. However, the unpredictable swings in Bitcoin‘s value disrupted this trend, leading XRP’s price to hit a new low. At present, XRP’s price is confined to a narrow band and is attempting to rebound towards $0.55 to resume its upward momentum.

As a researcher studying the market trends, I’ve observed that the asset’s price is presently hovering below both its 50-day and 200-day simple moving averages. This finding doesn’t bode well for bullish investors since the asset typically experiences downward pressure when its price action falls beneath these key indicators. Furthermore, given that the current price lies at the lower boundary of this range, the asset is situated in a precarious position, potentially exposing it to further risks.

The daily chart’s 14-day relative strength index (RSI) currently hovers around the 45 threshold. Over the past few months since March, this particular RSI reading has failed to surpass the 57 mark, suggesting a degree of vulnerability. Nevertheless, the potential for bullish momentum remains, potentially triggering a significant price surge as there is still ample room for the RSI to rise further.

As an analyst, I would interpret that if bulls gain control over bears in the XRP market, there’s a strong possibility of witnessing a 14% price increase, reaching a level of approximately $0.55. This mark may act as resistance, but should the bulls push past it, further growth towards $0.74 becomes plausible, with potential obstacles at $0.61 and $0.65. Conversely, if XRP’s price takes a downturn, it could find solace around support levels of $0.43 and $0.38.

During the ongoing XRP price stabilization, large investors, or “whales,” have moved approximately 52 million XRP units to major cryptocurrency exchanges. This action may signal an impending sell-off and increased selling pressure for XRP in the future.

XRP Price Future Outlook

As an analyst, I’ve noticed that despite the current downturn in XRP‘s price, the community remains buoyant and hopeful for a reversal in the near future. Notably, on June 14, Brad Garlinghouse, the CEO of Ripple, expressed optimism about the potential approval of an XRP Exchange-Traded Fund (ETF) during an interview on Fox Business. Following the green light given to Ethereum ETFs (CBOE’s NYSE Arca and ProShares), this possibility adds a layer of excitement within the XRP ecosystem.

After the resolution of the legal dispute between the SEC and Terraform Labs, Ripple Labs submitted a court letter highlighting the disparity in penalties. Subsequently, the SEC reconsidered the fine imposed on Ripple, decreasing it from $2 billion to $102.6 million. This adjustment fueled anticipation among XRP community members that a settlement could be imminent.

They went from 2B to 100M.

So I guess, settlement incoming.

— Sabr (@_lonedd) June 14, 2024

Bottom Line

It’s plausible that an XRP Exchange-Traded Fund (ETF) may materialize soon. Although legal disputes, such as those experienced by Ethereum, remain unresolved, a favorable outcome could be imminent. Such a resolution might significantly impact XRP’s market price.

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2024-06-20 09:12