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cryptonews.com / 2 years ago
cryptonews.com / 2 years ago
cryptonews.com / 2 years ago
cryptonews.com / 2 years ago
XRP Price Prediction as Bitcoin ETF Goes Live – Will XRP Get an ETF Next?
The XRP (XRP) price predictions remain bearish in the short term as spot Bitcoin ETFs go live in major US financial markets.
The XRP price was last around $0.60, roughly flat on the day.
The cryptocurrency earlier found strong resistance at its 21 and 50DMAs, which reside at $0.6060 and $0.6160 respectively.
The XRP price’s failure to push higher comes as Bitcoin (BTC) reverses back from the new more than two-year highs it hit earlier in the day above $49,000.
BTC was last trading around $46,000 as it succumbs to profit-taking, despite strong first-day spot Bitcoin ETF trading volumes.
The XRP price is also finding strong resistance below a downtrend that has been in play since last November.
The fact that the XRP price has found resistance at this downtrend and its 21/50DMAs suggests technical confirmation of the downtrend that began in early 2024, when XRP initially broke to the south of a pennant structure it had formed.
Chart analysis suggests that a retest of January lows just above $0.50 is a possibility in the weeks ahead.
Of course, medium-term risks to the broader cryptocurrency market remain tilted heavily towards more upside in 2024.
New spot Bitcoin ETFs will add major new long-term buy pressure to the Bitcoin market this year at a time when the BTC issuance rate is about to half, which will reduce miner sell pressure.
Macro will also likely be a tailwind in 2024, though the timeline of expected Fed rate cuts remains unclear.
The latest US Consumer Price Index (CPI) figures were a little hotter than expected, throwing expectations for a March cut into doubt.
We are also seeing Ether (ETH) pump on optimism that a spot Ethereum ETF will gain approval by May.
All of these tailwinds could easily bleed over to XRP,
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