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XRP‘s price increased by 1.6% in the last 24 hours, reaching $0.477. This rise followed Ripple CEO Monica Long’s speculation about a potential spot XRP ETF. The largest cryptocurrency, Bitcoin (BTC), also saw a notable 4.93% rise over the weekend, supporting XRP’s increase.
Short-Term Potential for a 7% Increase Due to ETF Speculation
Ripple‘s XRP gained 0.4% in the last 7 days, showing an upward trend. The 4-hour chart indicates that XRP has crossed above the 50-day simple moving average (SMA) but is still trading below the 200-day SMA, signaling a bullish trend. XRP’s 14-day relative strength index (RSI) is above the midpoint at 56, indicating increasing bullish momentum and a potential target of $0.5.
Despite this positive trend, XRP is stuck between two ranges (orange and blue). The altcoin has previously attempted to break out of the smaller range (blue) twice and is currently making a third attempt. If XRP surpasses $0.481, it could rise by 7% to break the $0.5 threshold. Currently, resistance points for the altcoin are at $0.484, $0.493, and $0.504. In a downside scenario, XRP is expected to find support around $0.466 or at $0.452 and $0.443.
Bitcoin’s Impact on XRP
Bitcoin found strong support at $60,000, bouncing back to turn its trend positive. Initially, there were fears that Bitcoin could fall below this key support to $50,000, but the Bitcoin Fear and Greed Index rose from 47 to 53 last week, indicating increased market confidence in the largest cryptocurrency. Bitcoin’s price rise is crucial as it also boosts XRP’s price.
Ripple President Monica Long recently speculated about a potential spot XRP ETF in an interview with The Scoop, suggesting the ETF could come “within a week or two.” This speculation contributed to the bullish sentiment around XRP. Additionally, the ongoing Binance-SEC case has impacted the Ripple-SEC case, providing some clarity on secondary market sales of cryptocurrencies. Judge Analisa Torres ruled that XRP is not a security, and Judge Amy Berman Jackson dismissed the SEC’s claim that BNB’s secondary sales were securities.
With the spot XRP ETF speculation and favorable legal rulings, XRP shows potential for significant gains against Bitcoin. This outlook likely stems from increasing ETF speculations in the crypto market. Assuming stable overall market trends, the general expectation is for XRP’s price to move upward in the short term.
