The future of XRP remains a topic of heated debate within the cryptocurrency community. While some anticipate a significant price surge, others express skepticism.
In recent developments, technical analysis suggests a potential price breakout for XRP. Crypto analysts closely monitor one of XRP’s technical indicators, the Relative Strength Index (RSI), on the XRP/BTC pair
According to market Analyst Dark Defender (@DefendDark), the weekly RSI chart resembles patterns observed during the 2017 and 2021 bull runs, when XRP prices reached $3.3 and $1.9, respectively.
RSI for the #XRP/#BTC pair in the weekly time frame stands in the same place as it did before the 2017 & 2021 XRP Bull Runs.
RSI tells us, the 2024 Run is here. pic.twitter.com/M9dSKncSfN
— Dark Defender (@DefendDark) February 19, 2024
This historical correlation suggests that XRP might be oversold, potentially paving the way for accumulation and subsequent price growth. However, it’s crucial to remember that past performance does not necessarily indicate future results.
An X user, @satsatwork responding to Dark Defenders’ post, expressed his disbelief in XRP’s technical analysis, stating they haven’t come true so far,
The user wrote, “Dark- this scenario has come and gone few times isnt – my doubts are charts for XRP doesn’t work as the coin is undoubtedly suppressed via high-frequency BOTS IMO I might be wrong but past 4years with all good news / clarity it’s still under .50 cents is against market dynamics.”
Expert Opinions Offer Varied Perspectives
Market analyst @CredibleCrypto acknowledges the mixed sentiment surrounding XRP, often described as having a “love-hate” relationship in the market.
Despite this, the recent price slump has piqued their interest, prompting a promise to share further insights on XRP’s future trajectory. In their words, “Well, we are finally there and at a place where I am now interested/paying attention to it. Will share more tomorrow but I think it’s time to pay attention to the coin with the biggest love/hate relationships in the space.”
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Hint of a Spot XRP ETF: A Speculative Hope
The potential launch of a spot XRP ETF remains a topic of much anticipation within the XRP community. Rumors and speculation, such as an association with BlackRock, have fueled this anticipation.
Larry Fink, the CEO of BlackRock, when asked about the launch of an XRP ETF following the approval of their iShares BTC ETF (IBIT), did not outrightly reject the idea, simply stating he couldn’t discuss it.
As expected, this has opened doors to a wide array of speculations. Nevertheless, experts have tempered expectations in light of the recent approval of a spot Bitcoin ETF. While an XRP ETF soon might be unlikely, its possibility should not be ruled out.
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