XRP Price Predictions Remain Bearish as Bitcoin ETFs Launch
The price of XRP (XRP) is expected to continue its downward trend in the short term due to the launch of spot Bitcoin ETFs in major US financial markets. Currently, the XRP price is around $0.60, showing little change for the day. However, it faced strong resistance at its 21 and 50-day moving averages (DMAs), which are at $0.6060 and $0.6160 respectively.
Bitcoin (BTC) also experienced a reversal from its recent highs above $49,000, leading to profit-taking and a drop in price to around $46,000. This decline in BTC price has affected XRP’s ability to push higher.
Resistance at Downtrend Confirms XRP’s Downtrend
XRP’s price is currently facing resistance below a downtrend that has been in play since November of last year. The resistance at this downtrend and its 21/50 DMAs confirms the technical confirmation of XRP’s ongoing downtrend since early 2024. This downtrend began when XRP broke below a pennant structure it had formed.
Possible Retest of January Lows for XRP Price
Chart analysis suggests that there is a possibility of a retest of the January lows just above $0.50 for XRP in the coming weeks. However, despite this short-term bearish outlook for XRP, there are several factors that could support its price in the medium term.
Tailwinds for XRP Price
In addition to the potential tailwinds from the broader cryptocurrency market, such as new spot Bitcoin ETFs and potential Fed rate cuts, XRP may benefit from its own unique factors. These include the potential for Ripple to secure a victory in its ongoing lawsuit with the US SEC and the possibility of XRP getting its own ETF in the future.
Consider Bitcoin ETF Token ($BTCETF)
While XRP and Bitcoin both offer upside potential, there is a newly launched altcoin called Bitcoin ETF Token ($BTCETF) that could outperform them in 2024. This altcoin is designed to provide traders with exposure to various milestones related to the launch of spot Bitcoin ETFs. It has a transaction tax and burn mechanism that adjusts based on these milestones. BTCETF backers believe that SEC approval could significantly increase Bitcoin prices, and BTCETF itself has room for significant growth.
Hot Take: XRP Price Prediction
As spot Bitcoin ETFs go live and XRP faces resistance at key levels, the short-term outlook for XRP remains bearish. However, there are several factors that could support its price in the medium term. If Ripple secures a legal victory over the SEC and clears up uncertainty around XRP’s status as a security, XRP ETFs could quickly follow. Additionally, tailwinds from the broader cryptocurrency market and potential Fed rate cuts may also contribute to XRP’s price growth. Consider alternative options like Bitcoin ETF Token ($BTCETF) for potentially higher returns in 2024.
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