XRP Price Surge and Potential ETF Prospects

The value of XRP surged by 1.6% in the past 24 hours, reaching $0.477. This uptick was a result of speculations voiced by Ripple's CEO Monica Long regarding a potential spot XRP ETF. Concurrently, the leading cryptocurrency, Bitcoin (BTC), also contributed to XRP's rise by gaining a substantial 4.93% over the weekend.

Short-Term Forecast: 7% Uptrend Due to ETF Expectations

Over the last 7 days, Ripple's XRP witnessed a 0.4% increase, indicating a positive trajectory. Analyzing the 4-hour chart reveals that XRP has surpassed the 50-day simple moving average (SMA) while remaining below the 200-day SMA, signaling a bullish pattern. The 14-day relative strength index (RSI) for XRP stands at 56, above the midway point, reflecting heightened bullish momentum and a projected target price of $0.5.

Despite this optimistic outlook, XRP is currently confined within two ranges, denoted by blue and orange bands. The altcoin previously made two unsuccessful attempts to break out of the smaller range (blue) and is now striving for a third breakthrough. Should XRP surpass $0.481, a potential 7% surge could propel it above the $0.5 mark. Presently, resistance levels for XRP are positioned at $0.484, $0.493, and $0.504. On the downside, anticipated support levels for XRP include $0.466, $0.452, and $0.443.

Bitcoin's Influence on XRP's Performance

Bitcoin showcased robust support at the $60,000 mark, rebounding to shift its trend in a positive direction. Initially, concerns loomed regarding Bitcoin's potential dip below this vital support level to $50,000. However, the Bitcoin Fear and Greed Index climbed from 47 to 53 last week, indicating an upsurge in market confidence towards the primary cryptocurrency. Notably, Bitcoin's price hike plays a pivotal role in boosting XRP's value.

Recently, Ripple's President Monica Long discussed the possibility of a spot XRP ETF during an interview with The Scoop, speculating that the ETF might materialize 'within a week or two.' This conjecture added to the positive sentiment surrounding XRP. Moreover, the ongoing Binance-SEC lawsuit has impacted the Ripple-SEC case, offering clarity on the secondary market transactions of digital assets. Judge Analisa Torres ruled XRP as non-security, while Judge Amy Berman Jackson dismissed the SEC's assertion classifying BNB's secondary sales as securities.

Given the speculations about a spot XRP ETF and favorable legal outcomes, XRP exhibits the potential for substantial growth against Bitcoin. This outlook is fueled by escalating ETF anticipations within the cryptocurrency sphere. Provided broader market tendencies remain steady, the prevailing expectation is for XRP's value to ascend in the near term.