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After several weeks of permanent corrections and mixed signals, the cryptocurrency market regained strength last week. Ripple (XRP) saw its first bullish recovery support at the $0.5 level, following positive CPI data. A small correction over the weekend due to profit-taking allowed for low-priced entries, creating a favorable environment for a rise to $0.54 on Monday.
Ethereum ETF Approval
This week’s impressive performance was also reflected in the news surrounding spot Ethereum ETFs. As reported in the Ethereum price forecast, ETF analysts revised the chance of approval by the Securities and Exchange Commission (SEC) from 25% to 75%. Although the bullish trend surrounding the ETF continues, XRP faced increased volatility on Wednesday. According to CoinGecko data, this could explain a 3% correction to $0.5313 within 24 hours.
The approval of a spot Bitcoin ETF in January led to a sudden shift towards a potential green light for Ethereum ETFs. Companies including BlackRock, Bitwise, Franklin Templeton, and more have doubled their efforts to run the product. There has been little talk about the possible approval of a spot ETF for the second-largest cryptocurrency in recent months. Experts’ optimism has waned due to limited communication between the SEC and ETF applicants.
Ripple Price Analysis
The popular altcoin XRP highlighted its bullish outlook by trading at $0.5224 above the 20-day exponential moving average (EMA). A visible Bollinger Band squeeze confirms a potential breakout targeting $1 in the coming weeks. A daily close above $0.536, above the 50-day EMA, could strengthen the current and subsequent bullish structure in the cryptocurrency. As the Bollinger Bands tighten further, the chance and magnitude of a breakout increase.
If XRP rises above the 200-day EMA, FOMO could ignite a significant move narrowing the gap to $1. Key milestones that XRP needs to complete to confirm its long-term bullish trend include resistance levels at $0.6, $0.7, and $0.8.
