As the new week unfolds, the focus is on the potential approval of a Bitcoin exchange-traded fund (ETF), which could impact XRP and the broader cryptocurrency market.
Cryptocurrency analyst Cryptoinsightsuk highlighted the impact of this event on the trajectory of XRP. While predicting a potential breakout for XRP, experts advise caution in light of various current events.
$XRP needs to maintain its weekly closing price above $0.5636.
There is a lot happening in the cryptocurrency space right now. The potential ETF for BTC is in the spotlight this week.
The consensus on Crypto Twitter is that with the launch of a BTC ETF, attention will shift to ETH.
The analyst emphasized the importance of XRP maintaining a weekly closing price above $0.5636, a level that has been both support and resistance for XRP over the past seven years.
Similar to the previous bear market, the analyst pointed out similarities in the current technical outlook for XRP, especially encountering resistance within the $0.56 range followed by consolidation, a pattern seen in 2021.
Furthermore, a tight consolidation structure is forming within XRP, which from a technical standpoint, looks more bullish than the situation in 2017.
While acknowledging the historical explosive growth of XRP, the analyst does not expect a similar surge but speculates that a breakthrough combined with the approval of a BTC ETF could trigger a more impactful price surge for XRP.
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Regarding the sentiment in the XRP community, the analysis acknowledges the prevailing feelings of surrender and frustration due to the stagnant price movement of XRP. However, the analyst views this emotional response as a potential signal for a market reversal, indicating that extreme emotions often precede changes in market direction.
In terms of XRP’s legal status in the US, the analyst emphasizes that despite ongoing legal disputes between Ripple and the SEC, XRP is not considered a security in the US. This difference has loomed over XRP for nearly three years, potentially leading recent holders to sell for profit around $0.90 or a slight loss.
As XRP aims to reclaim $1, the outcome of the SEC-Ripple case remains crucial. However, with both parties continuing to seek remedies (expected to conclude on December 12, 2024), hopes for a settlement are dwindling.