After Bitcoin and Ethereum, Will XRP Get an ETF? If Yes, Will XRP Price Hit $1?
The post After Bitcoin and Ethereum, Will XRP Get an ETF? If Yes, Will XRP Price Hit $1? appeared first on Coinpedia Fintech News
Regardless of the market trend, the XRP price has maintained a decent ascending trend ever since the market bounced off the 2022 bear market. Trouble in Paradise began a couple of months ago when the token broke down the multi-year trend line, which had been acting as a strong support level. Since then, the Ripple price has been unable to break above its range-bound trade, which has made market participants repulsive.
The current trade set-up of the XRP price, which is stuck around $0.5, is displaying that either the bulls are incapable of breaking above the consolidation or they are waiting for the right time as the lower support has been defending well. Now that the most popular and classical ones, Bitcoin & Ethereum, have an approved spot ETF, Ripple CEO Brad Garlinghouse predicts spot XRP ETFs by 2025.
Now the question arises, will the XRP price continue to struggle under $1 until 2025? Or if the ETFs are approved, will it have a positive impact on the price?
The XRP price faced a severe backlash soon after the SEC slashed a lawsuit over Ripple. The price was influenced by the advancements of the lawsuit but it remained only for a short period. Although the price swiftly rose very close to $1 before marking the milestone, Berish activity incarnated. Now that the lawsuit is expected to fully end this summer, which may include some payment of fines, the possibility of a revival of a bullish trend may be expected.
As mentioned above, the XRP price broke down the multiyear decisive symmetrical triangle, a few weeks ago. The weekly 200-D MA has been acting as a strong resistance throughout the consolidation phase that has been held. Moreover, the DMI remains neutral while the ADX constantly forms lower highs and lows and reaches the lower threshold. Therefore, the technicals suggest a major change in market dynamics that may change very soon.
Collectively, Ripple’s (XRP) price is flashing positive signals for the upcoming trend. However, it may consume more time and hence the token could remain consolidated below $0.75 until then.