Despite a recent decline in XRP's price, several factors suggest potential growth. Here, we examine three key aspects that might influence the cryptocurrency's dynamics in the near future.
Impact of ETF Filings
Recently, Cboe BZX Exchange filed applications to launch the first XRP-based ETFs in the USA, representing Canary Capital, WisdomTree, 21Shares, and Bitwise. If approved by the SEC, these filings could provide US investors with additional opportunities, potentially increasing upward price pressure on the token.
Whale Activity
According to analyst Ali Martinez, large investors purchased around 520 million XRP during the recent market dip, valued at over $1.2 billion at current rates. This activity reduces the circulating supply of the asset, which could help drive a price rally if demand remains stable or increases.
Relative Strength Index (RSI) Analysis
XRP's Relative Strength Index recently fell below 30, indicating oversold conditions and a potential price rebound. Although the indicator has since risen to 35, this could signal favorable conditions for a bullish wave.
Despite recent market challenges, XRP holds significant potential for recovery due to favorable factors like new ETF applications, whale activities, and technical indicators.
