Can XRP ETF propel Ripple Price To Hit New ATH?

Highlights

XRP price considers another breakout, eyeing $1 amid a Bollinger bands squeeze.
The Ripple vs. SEC lawsuit determination significantly increased the probability of an XRP ETF.
XRP sits below short-term 20-day, 50-day, and 200-day EMAs, increasing downside risks to $0.52.

XRP price has shown massive strength and resilience despite the recent market crash. This outlook can be attributed to the positive developments surrounding the Ripple vs. SEC Lawsuit. Regardless, the remittance token’s recent price could end its ongoing sluggish price action and hit a new all-time high (ATH) if XRP ETF gets approved.

XRP Price Market Movers: Potential XRP ETF Approval, XRPL CryptoTradingFund, DeFi TVL Drop

The longstanding lawsuit between Ripple and the Securities and Exchange Commission (SEC) concluded last week, with the company being fined $125 million. In the ruling, Judge Analisa Torres cleared XRP of the alleged security status, which immediately boosted the chances of a spot XRP ETF in the US. Highly optimistic crypto enthusiasts believe that the approval could come before the end of 2024, not to mention the possibility of a Ripple initial public offering (IPO).
In recent news, Wells Fargo nodded to the use of XRP for loan payments and settling of credit card debts. The groundbreaking development proves that the traditional banking system is willing to embrace digital currencies. Customers will, in addition to paying off their debts with XRP, be eligible to earn cash-back rewards executed on the XRP Ledger System called CryptoTradingFund (CTF).
Despite the above developments, which will extend to a new cross-border payments system aimed at replacing the conventional SWIFT system (Real Time Payments), the decentralized finance (DeFi) Total Value Locked (TVL) printed a massive drop from $13.2 million on August 8 to $252.1k a week later on August 16. This drastic drop coincided with the XRP price correcting from $0.64, suggesting that investors cashed out for profits.
Additionally, the XRP Ledger’s Network Activity has seen a consistent uptick over the past two months. A spike in this metric shows investor adoption and their interest in the asset at the current price levels.

XRP Price Analysis: Gearing Up For Breakout

XRP price traded in the lower range of the Bollinger bands, hinting at a potential breakout. The Bollinger Bands squeeze occurs when the bands narrow, indicating low volatility.

Traders would anticipate a breakout and wait for the Ripple price to move above or below the bands. To confirm the direction of the trend, other indicators are consulted including the RSI and the MACD. This allows traders to enter trades accordingly, setting stop-loss and take-profit levels as risk management techniques.

It is essential to wait for a second confirmation before taking up long positions. This will entail XRP price flipping the confluence resistance formed by the 20-day and 50-day. Other key levels to watch out for are the trend line resistance, the pivotal $0.6 hurdle, and the $0.64 area.

XRP price chart | Tradingview — Ripple price chart | Tradingview

A rectangle pattern formed on the chart could invalidate the uptrend in favor of a downside breakout to $0.52. The down leg may stretch to $0.48 if more traders switch to short XRP.

Frequently Asked Questions (FAQs)

1. Will XRP ever see ATH again?

XRP price rally to ATH remains a strong possibility especially with optimism for a spot XRP ETF sustaining a bullish outlook.

2. When is the SEC likely to approve XRP ETFs?

It is difficult to predict since no ETF proposals have been filed. However, with the SEC lawsuit out of the way, there is a high chance an XRP ETF is on the way.

3. Is it a good time to buy XRP?

XRP price rallied from $0.44 support to $0.64 in August, suggesting the potential to recover from the current $0.55 support toward ATH with time.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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