As the new week unfolds, the focus is on the potential approval of a Bitcoin Exchange Traded Fund (ETF) for spot Bitcoin (BTC), which could impact XRP and the broader cryptocurrency market.
Cryptocurrency analyst Cryptoinsightsuk emphasized the impact of this event on the trajectory of XRP. While predicting a potential breakthrough for XRP, experts advise caution in light of various current events.
$XRP needs to keep its weekly closing price above $0.5636.
A lot is happening in the cryptocurrency space right now. There is potential for the Bitcoin ETF to be in the spotlight this week.
Crypto Twitter’s consensus is that attention will shift to Ethereum ($ETH) with the launch of the Bitcoin ETF.
The analyst stressed 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 aspects of XRP, especially facing 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 perspective, looks more bullish than the situation in 2017.
While acknowledging the historic explosive growth in XRP’s value, the analyst does not expect a similar surge, but speculates that a breakthrough coupled with the approval of the Bitcoin ETF could trigger a more impactful price surge for XRP.
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In terms of the sentiment within the XRP community, the analysis acknowledges a prevailing sense of surrender and frustration due to the stagnant price movement of XRP. However, the analyst views this emotional response as a potential signal of a market reversal, indicating that extreme emotions often precede changes in market direction.
Regarding 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 distinction has loomed over XRP for nearly three years, potentially prompting recent holders to sell for profit around $0.90 or a slight loss.
As XRP seeks to reclaim $1, the outcome of the SEC-Ripple case remains crucial. However, hopes of reaching a settlement are dwindling as both parties continue to seek remedies (expected to conclude on December 12, 2024).