XRP is making a comeback as Ripple's CEO Brad Garlinghouse anticipates the launch of an XRP ETF. With the SEC reducing Ripple's fine from $2 billion to $102.6 million, the market is buzzing with optimism.
XRP Price Analysis: The Expected Surge
Recent Price Movement
In the past week, XRP has seen a 1.08% increase, with a 1% rise in the last 24 hours. This comes on the heels of the SEC ending its investigation into Ethereum, fueling speculation about a potential XRP ETF.
Current Trading Range
Since June 2022, XRP has been trending upward. However, recent Bitcoin volatility disrupted this trend, causing XRP to form a lower low. Currently, XRP is trading in a narrow range and aiming for the $0.55 mark to resume its uptrend.
Technical Indicators
XRP's price is below the 50-day and 200-day simple moving averages (SMA), indicating a bearish trend. The relative strength index (RSI 14) stands at 45 on the daily chart, reflecting some market weakness. However, if bulls take control, the RSI has significant upside potential, which could lead to a price surge.
XRP Price Prediction: Potential Price Movements
If the bulls gain strength, XRP could see a 14% increase, reaching $0.55, the upper boundary of its current range. This level might present resistance, but breaking past it could push XRP towards $0.74, with interim resistance at $0.61 and $0.65. On the downside, support levels are around $0.43 and $0.38.
Whale Activity
Recently, whales have transferred over 52 million XRP to centralized exchanges, suggesting potential selling pressure in the near future.
XRP Price Future Outlook
Despite the sluggish price movement, the XRP community remains hopeful. On June 14, following the approval of Ethereum ETFs (19-4b), Brad Garlinghouse discussed the possibility of an XRP ETF on Fox Business. This optimism is further fueled by the recent SEC settlement, reducing Ripple's fine significantly.
The prospect of an XRP ETF is increasingly plausible. Despite ongoing legal challenges, a swift resolution could lead to a significant price reversal for XRP, much like the optimistic predictions for Ethereum.
