XRP Price Surge and Ripple CEO's Speculations - Continued

The price of XRP surged by 1.6% within 24 hours, hitting $0.477 mark. This surge came following speculations made by Ripple's CEO, Monica Long, regarding a probable spot XRP ETF. Bitcoin, the most prominent cryptocurrency, also played a role in boosting XRP's value by experiencing a notable 4.93% surge over the weekend.

Short-Term Potential with ETF Expectations

Over the past 7 days, Ripple's XRP witnessed a 0.4% growth, indicating an uptrend. An analysis of the 4-hour chart reveals that XRP has moved beyond the 50-day simple moving average (SMA) but remains below the 200-day SMA, pointing towards a bullish direction. With the 14-day relative strength index (RSI) above the midpoint at 56, there is an indication of escalating bullish momentum with a potential target of $0.5.

Despite the positive trajectory, XRP is currently range-bound between two levels represented by orange and blue boundaries. Previous attempts by the altcoin to breach the lower range (blue) have been unsuccessful, with the current rally marking its third try. Surpassing $0.481 could trigger a 7% upswing, pushing XRP past the $0.5 threshold. Critical resistance levels for XRP are situated at $0.484, $0.493, and $0.504, while potential support zones are identified at $0.466, $0.452, and $0.443 in the event of a bearish turn.

Bitcoin's Influence on XRP's Trajectory

Bitcoin found solid support around the $60,000 mark, subsequently bouncing back to chart a positive course. Initially, concerns loomed over a possible dip in Bitcoin below $50,000; however, the Bitcoin Fear and Greed Index climbed from 47 to 53 last week, indicating a surge in market confidence surrounding the primary cryptocurrency. The surge in Bitcoin's value holds significance as it directly impacts the price of XRP.

Monica Long, the President of Ripple, hinted in an interview with The Scoop about the potential introduction of a spot XRP ETF, suggesting a possible timeline of 'within a week or two.' This speculation has fueled optimism surrounding XRP. Furthermore, the legal battle involving Binance and the SEC has shed light on the Ripple-SEC controversy, offering clarity on the trading of cryptocurrencies in secondary markets. Noteworthy judicial rulings by Judge Analisa Torres and Judge Amy Berman Jackson favored Ripple and Binance, respectively.

Given the ongoing speculations concerning a spot XRP ETF and favorable legal outcomes, XRP displays promising potential for notable gains against Bitcoin. This positive outlook could be attributed to the escalating discussions around ETFs in the cryptocurrency market. Assuming a stable market environment, the prevailing expectation suggests an upward trajectory for XRP's price in the near future.

This article was originally featured on COINTURK NEWS.