On Wednesday, XRP fell 6.68% to $0.5828. The drop comes amid rumors that the SEC may reject a BTC spot ETF. Come Thursday, all eyes will be on US regulatory updates, the SEC’s ongoing cryptocurrency case, and an important BTC spot ETF decision.
Despite the widespread market downturn, analyst Crypto Wzrd has identified a positive pattern on the XRP/BTC chart. Despite Bitcoin falling to $40,000, Crypto Wzrd remains cautiously hopeful. He sees a potential bullish hammer formation on XRP’s daily chart, suggesting that an upward trend is possible. XRP is powerful Crypto Wzrd praised XRP for maintaining its firm position against the recent bearish trend, hinting at the possibility of a positive turnaround. However, he also emphasized the importance of the upcoming SEC announcement regarding the ETF as it could impact the direction of XRP.
Potential price movements to keep an eye on
Expectations are growing that XRP can rebound from $0.57. If this happens and XRP breaks the key lower trend line, it could push higher towards $0.7300. However, these predictions are highly dependent on Bitcoin’s behavior and other market developments. In a positive scenario, XRP could cross the wedge cap and target $0.7000, a 20% increase from the current price. On the other hand, if selling pressure intensifies, XRP could fall to $0.5000. A violation below this could lead to a further decline towards $0.3562.
experts join
CasiTrades’ analysis is consistent with Crypto Wzrd’s observations, which identifies a strong level of support for XRP. Both experts urged caution due to the current market volatility and emphasized the importance of monitoring Bitcoin’s stability as a key indicator. The legal hurdles have not yet been resolved!
John E. Deaton commented on the nature of asset volatility, noting that assets often do not follow a straight path. He pointed out that XRP’s decline was larger than that of Bitcoin and emphasized that XRP is sensitive to negative cryptocurrency sentiment. Meanwhile, developments in the SEC-Ripple case continue, pending a decision on Ripple’s potential financial obligations related to the sale of XRP.
Is a new ATH coming?
If XRP is to reach its previous highs in 2024, it faces several challenges. A favorable outcome of the SEC lawsuit, expected in April 2024, is key. The market also needs positive momentum from the BTC ETF approval and the Bitcoin halving event. XRP’s success will depend on Ripple’s legal situation and clarity on partnerships. Regulatory issues have slowed XRP’s growth, but as regulations become clearer, XRP could see significant growth. However, exploring this route requires careful consideration of legal and market factors.