XRP is poised for a potential resurgence as Ripple CEO Brad Garlinghouse expresses optimism about the future possibility of an XRP ETF. The price momentum is fueled by the SEC reducing Ripple's fine from $2 billion to $102.6 million.
XRP Price Analysis
Over the past week, XRP has seen a modest rise of 1.7%, including a 0.1% increase in the last 24 hours. The SEC’s decision to drop its investigation into Ethereum has led to speculation about an ETH ETF approval, sparking rumors that an XRP ETF might be next.
Currently, XRP's price is in a narrow range, eyeing the $0.55 mark to regain its upward trajectory. Since June 2022, XRP had been trending upwards until recent Bitcoin volatility caused a downward shift. The price now hovers below the 50-day and 200-day simple moving averages (SMA), which is not a bullish signal. XRP is at the lower boundary of its range, which presents a risk.
The relative strength index (RSI 14) on the daily chart is at 45, indicating some weakness. The RSI hasn't risen above 57 since March, but if the bulls gain strength, there is room for an explosive rally. A successful push by the bulls could see XRP surge by 14% to $0.55, potentially breaking through resistance and moving towards $0.74, with intermediate barriers at $0.61 and $0.65. On the downside, support levels are around $0.43 and $0.38.
Recent whale activity, involving the transfer of over 52 million XRP to centralized exchanges, suggests potential selling pressure in the future.
XRP Price Future Outlook
Despite the current consolidation, the XRP community remains optimistic about a significant price turnaround. On June 14, following the approval of Ethereum ETFs, Brad Garlinghouse discussed the potential for an XRP ETF on Fox Business. Additionally, in light of the SEC-Terraform Labs court case settlement, Ripple Labs highlighted the disparity in penalties, prompting the SEC to reduce Ripple's fine to $102.6 million. This development has led to speculation about a possible settlement.
Bottom Line
The potential for an XRP ETF is becoming more plausible. Despite ongoing legal challenges, a swift resolution, similar to the Ethereum scenario, could lead to a significant price reversal for XRP. The community's optimism, coupled with strategic regulatory developments, sets the stage for a promising future for XRP.
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