“The Ripple Rally: Will XRP Price Surge After the Proper Party in New York?“
The crypto community is eagerly awaiting Ripple’s “Proper Party” event in New York, which could potentially lead to a rally in XRP price. Despite struggling to maintain an uptrend due to low volatility and reduced trading volumes, XRP is expected to experience a significant breakout. Investors have started shifting their attention to XRP, especially with the recent news and discussions surrounding exchange-traded funds (ETFs).
This week, the US Securities and Exchange Commission (SEC) has been delaying decisions on applications for spot Bitcoin ETFs while approving the first batch of ETFs based on Ethereum futures contracts. Valkyrie, an investment management firm, has received approval to add exposure to Ether futures to its existing Bitcoin futures ETF. The product is set to start trading on October 3. VanEck is also preparing to launch an Ether futures ETF called VanEck Ethereum Strategy ETF (EFUT).
These developments have revived interest in the crypto market after a period of stagnation. XRP price is expected to continue its uptrend above $0.5, riding on the momentum of these market-wide events and Ripple’s upcoming event in New York.
Ripple’s CEO Brad Garlinghouse recently spoke at the Messari panel, emphasizing the importance of standing up to regulators and fighting for the crypto industry. The recent court ruling in favor of Ripple against the SEC has boosted confidence in the company. The XRP community is eagerly anticipating Ripple’s Proper Party, where key announcements are expected to be made. Speculation includes IPO plans or a settlement with the SEC.
XRP price has already shown signs of bullishness after reclaiming support at $0.5 and breaking through resistance levels formed by moving averages. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators suggest further potential gains for XRP. Traders should watch out for a possible triangle breakout and an increase in trading volume, which would support price action above key levels on the upside.
While waiting for Ripple’s announcements, investors may consider Bitcoin Minetrix (BTCMTX) as an alternative to XRP. Bitcoin Minetrix offers a new Stake-to-Mine mechanism that allows users to participate in mining Bitcoin (BTC) through cloud mining. This innovative project has gained attention from early investors and is seen as a potential disruptor in the BTC mining arena.
Overall, the crypto market is buzzing with anticipation for Ripple’s Proper Party and the potential rally in XRP price. However, traders must remain cautious as sellers may take advantage of key resistance levels on the path to $1.
**Hot Take: The Ripple Rally: Will XRP Price Surge After the Proper Party in New York?**
The crypto community is eagerly awaiting Ripple’s “Proper Party” event in New York, which could potentially lead to a rally in XRP price. Despite struggling to maintain an uptrend due to low volatility and reduced trading volumes, XRP is expected to experience a significant breakout. Investors have started shifting their attention to XRP, especially with the recent news and discussions surrounding exchange-traded funds (ETFs). This could be a turning point for Ripple and XRP, as they continue to battle against regulatory challenges and aim for wider adoption in the crypto market.
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