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XRP Verge of a Breakout to Above $0.5 – Crypto News

Published

1 year ago

July 1, 2024

Dripp

XRP price surged 1.6% in the last 24 hours to trade at $0.477 during European business hours on Monday. This increase in price happens against the backdrop of Ripple CEO Monica Long speculating on a possible XRP ETF soon. Bitcoin price, on the other hand, increased by 4.93% over the weekend to trade above $63,300 at press time.

XRP Price Eyes 7% Gain Amid ETF Speculations

XRP price is trending upward today, having gained 0.4% in the last week. The price action on the 4-hour chart just broke above the 50-day simple moving average (SMA) but remains below the 200-day SMA. This is a bullish development on the part of the asset, as it shows the market sentiment for XRP is turning green.

The XRP 14-day relative strength index (RSI) is above the midpoint at 56 and is also trending above its moving average (MA). This indicates bullish momentum is building for the asset, which may contribute to driving it to the $0.5 price target.

Despite the positive turn of events on the 50-day SMA, the price of XRP is still trapped in two ranges (orange and blue). The asset has tried to break out of the smaller range (blue) twice before without success. XRP is currently on its third try to break above this range.

If it succeeds in breaking above $0.481, XRP price will rise 7% to hit $0.5, occasionally meeting some resistance points around $0.484, $0.493, and $0.504. On the flip side, XRP may find support around $0.466, with additional lower support around $0.452 and $0.443.

On the other hand, Bitcoin turned positive, finding strong support around the $60,000 level and bouncing off it. Initially, the market was fearful that the king of cryptos may break below this key support and drop lower to $50,000.

Consequently, the Bitcoin Fear & Greed Index has risen from 47 last week to 53 today, an indicator that market participants are becoming more confident in the asset once more. As Bitcoin price rises, it may pull the XRP price up with it

Why is the XRP Price Rising?

Late last week, Ripple President Monica Long, in an interview with The Scoop, speculated on a possible XRP ETF soon. Speaking in an interview on The Scoop, Long said the “XRP ETF will come in a week… or two”

RIPPLE PRESIDENT SAYS “#XRP ETF WILL COME IN A WEEK…. OR TWO” pic.twitter.com/JwK4aJxVLK

— 25hoursawake (@25hoursawake) June 27, 2024

More recently, the Binance-SEC lawsuit has provided some clarity over secondary market sales of digital assets, which is a big part of the state of the Ripple-SEC lawsuit.

Citing Judge Analisa Torres’ ruling on XRP not being a security, Judge Amy Berman Jackson dismissed the SEC’s claim that secondary sales of Binance coin (BNB) qualify as securities.

Judge Torres in SEC v Ripple got it right – XRP, in and of itself, is not a security. Other Courts are recognizing her decision for what it is – consistent with the law of the land. pic.twitter.com/5C8BmVLVTC

— Stuart Alderoty (@s_alderoty) June 29, 2024

Bottom Line

XRP shows bullish potential against Bitcoin with a projected 7% gain, likely influenced by growing ETF speculation in the crypto market. This forecast suggests a short-term upside for XRP price, as long as the overall market trends remain constant.

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