XRP is attracting attention due to speculation surrounding the launch of an exchange-traded fund (ETF). This positive sentiment comes despite prior concerns regarding the SEC’s stance on Ethereum ETFs.
Captain Faibik (@CryptoFaibik), a prominent crypto analyst on X, believes an XRP ETF approval could significantly impact XRP’s price, and many others share this belief.
Read Also: As XRP Breaks Downtrend Resistance Line First Time since XRP Victory, Analyst Says Surge to $1 Looms
Captain Faibik presented a chart that showed XRP’s volatile history. In early 2020, XRP started at around $0.105 before experiencing a surge, reaching a peak of $1.96 by April 2021. However, market shifts led to a correction, with XRP retracing to $0.52 by July 2021. This decline still represented a higher level than XRP’s price before the rally began.
Following a brief continuation of the downtrend, XRP stabilized around $0.28 by mid-2022. Since then, XRP has entered a consolidation phase, forming a symmetrical triangle pattern on weekly charts.
Currently, XRP is trading at $0.4924, showing a 24-hour decline of 1.17% after a brief climb above the $0.5 level. However, according to the chart, XRP appears to be nearing the apex of the symmetrical triangle.
Captain Faibik shows $0.64 as a potential jump-off point for XRP on the chart. He believes XRP will break out of the current symmetrical triangle, but experience a price correction. However, the $0.64 level will be a crucial support that could send XRP on another rally to a lofty target. His target for the subsequent rally is $1.6229, 263.81% higher than XRP’s price at the time of his analysis.
Ripple CEO Brad Garlinghouse remains optimistic about the future approval of an XRP ETF despite ongoing regulatory challenges. He has expressed confidence that regulatory bodies will eventually authorize such a financial product, expecting to see XRP ETFs by 2025. Also, Garlinghouse expects the SEC to approve ETFs for Cardano, Solana, and other cryptocurrencies.
Read Also: Analyst Confirms that VeChain (VET) Is On The Verge of 667% Breakout. Here’s why
The potential launch of an XRP ETF would be a pivotal development for the cryptocurrency market. An ETF would give institutional investors easier access to XRP, likely driving increased demand and potentially higher prices. The upcoming approval process and regulatory decisions will be critical in shaping the market’s trajectory.
However, not everyone is optimistic about XRP ETFs. Nate Geraci, president of the ETF Store, recently predicted that XRP ETFs would not get approval anytime soon.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
BoundlessPay is a trailblazing digital banking platform dedicated to seamlessly integrating traditional finance with the…
The legal battle between the SEC and Ripple Labs nears its conclusion as the crypto…
Imagine a rocket launching into the vast cosmos of cryptocurrency, blazing a trail of opportunities…
EGRAG CRYPTO, a well-known crypto analyst on X, recently updated his analysis on the XRP…
As the cryptocurrency market continues to evolve, Furrever Token (FURR) is emerging as a standout player…
XRP, like many other cryptocurrencies, has experienced a recent slump in the broader market downturn.…