XRP Price Analysis
Over the past week, XRP has experienced a 1.7% increase, with a modest 0.1% rise in the last 24 hours. The SEC’s recent decision to halt its investigation into Ethereum has ignited rumors about a potential ETH ETF approval, sparking speculation that an XRP ETF might be next.
XRP Price Hovers Around $0.55
XRP has been on an upward trajectory since June 2022. However, recent Bitcoin volatility disrupted this trend, causing the price to form a lower low. Currently, XRP is trading within a narrow range, aiming to reach $0.55 to resume its uptrend.
The asset’s price is trending below both the 50-day and 200-day simple moving averages (SMA), which is generally considered bearish. XRP is now at the lower end of its trading range, placing it in a precarious position.
On the daily chart, the relative strength index (RSI 14) stands at 45. Since March, the RSI has struggled to break above 57, indicating some weakness. Nevertheless, if the bulls gain momentum, a significant rally could occur, as the RSI still has considerable room to rise.
If the bulls manage to overpower the bears, XRP’s price could climb by 14% to $0.55, aligning with the upper boundary of its current range. This level may act as resistance, but surpassing it could open the door for further gains up to $0.74, with potential barriers at $0.61 and $0.65. Conversely, XRP may find support around $0.43 and $0.38 if the price drops.
Amid the ongoing consolidation, whales have moved over 52 million XRP to centralized exchanges, suggesting potential future selling pressure on the asset.
XRP Price Future Outlook
#XRPCommunity #SECGov v. #Ripple #XRP @SECGov has responded to @Ripple’s letter regarding the TerraForm Labs Consent Judgment. pic.twitter.com/VvGSJffwa8
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) June 14, 2024
Despite the lagging price, the XRP community remains highly optimistic about a near-term turnaround. On June 14, following the approval of Ethereum ETFs (19-4b), Brad Garlinghouse discussed the possibility of an XRP ETF on Fox Business. Additionally, after the settlement of the SEC-Terraform Labs court case, Ripple Labs compared their penalties in a letter to the court. As a result, the SEC agreed to reduce Ripple’s fine from $2 billion to $102.6 million, fueling speculation within the XRP community that a settlement might be imminent.
The prospect of an XRP ETF is not far-fetched. Despite ongoing legal battles, a swift resolution, similar to what was seen with Ethereum, could lead to a significant price reversal for XRP.
