XRP Price Analysis: Over the past week, the price of XRP has risen by 1.7%, including a 0.1% increase in the last 24 hours. The SEC’s decision to drop its investigation into Ethereum has sparked rumors of a potential ETH ETF approval, leading to speculation that an XRP ETF might follow.
XRP Price Remains in Range with $0.55 in Sight
XRP price has been trending upward since June 2022. However, the recent Bitcoin volatility caused the price action to break the uptrend and form a lower low. The price of XRP is now in a tiny range and is eyeing $0.55 to get back into the uptrend.
The asset’s price action is trending below the 50-day and 200-day simple moving averages (SMA), which is not a bullish signal. The price is currently at the lower boundary of the range, putting the asset in a dangerous zone.
The relative strength index (RSI 14) on the daily chart is at the 45 level. Since March, the RSI (14) has not been able to move above the 57 mark, which shows some level of weakness. However, strength on the part of bulls may result in an explosive rally in price, as the RSI still has much upside room to move.
If bulls manage to overpower the bears, the price of XRP may surge by 14% to $0.55, coinciding with the upper boundary of the range. This level may present resistance, but if the bulls surpass it, further upside movement to $0.74 is possible, with some barriers around $0.61 and $0.65. On the flip side, the XRP price may find support around $0.43 and $0.38.
Amidst the current XRP consolidation, whales have transferred over 52 million XRP to centralized exchanges, which indicates a potential selling pressure in the future for the asset.
XRP Price Future Outlook
Despite the lagging price, the XRP community remains highly optimistic about a turnaround soon. On June 14, following the approval of the Ethereum ETFs (19-4b), Brad Garlinghouse, speaking on Fox Business, talked about the possibility of an XRP ETF.
Additionally, following the settlement of the SEC-Terraform Labs court case, Ripple Labs wrote a letter to the court, comparing the size of their penalties. Consequently, the SEC agreed to reduce the fine for Ripple from $2 billion to $102.6 million, causing the XRP community to speculate that a settlement may come soon.
Bottom Line
The possibility of an XRP ETF is not far-fetched. Despite ongoing court cases, as seen with Ethereum, a resolution could come swiftly, potentially leading to a significant price reversal for XRP.
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