The price of XRP increased by 1.6% in the last 24 hours to $0.477. This increase followed Ripple CEO Monica Long's speculations about the spot XRP ETF. At the same time, Bitcoin's 4.93% rise over the weekend also contributed to XRP's appreciation.
Short Term Rise Expectation with ETF Speculations
XRP entered an upward trend, increasing by 0.4% in the last 7 days. According to technical analysis, it has moved above the 50-day moving average but is trading below the 200-day average. The Relative Strength Index (RSI) is at 56, which indicates that the price could rise to $0.5.
XRP is stuck between two orange and blue ranges. If it clears the $0.481 resistance, it could rise 7% to surpass $0.5. Otherwise, it is likely to find support at $0.466, $0.452, and $0.443.
Bitcoin's Impact on XRP
Bitcoin found strong support at the $60,000 level and bounced back, turning the trend positive. Market confidence also increased as the Bitcoin Fear and Greed Index increased. Bitcoin's price increase also contributed to XRP's appreciation.
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I EXPLAIN IN DETAIL.
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