XRP Price Analysis As XRP ETF Rumors Fuel Speculation of a Surge to $0.7

XRP price analysis: The price of XRP has remained significantly suppressed below $0.5 as the entire crypto market struggles to find direction. However, sentiment may turn bullish for the cross-border money remittance token amid rising speculations of a spot XRP ETF launch.

XRP Price Analysis: 148-Day Falling Wedge About to Breakout

XRP price action has morphed into a giant falling wedge that is dangerously close to breaking out. On the lower side, there is a strong support level tested multiple times in the last 396 days. 

On the 4-hour timeframe, XRP price action is trending at the bottom of a 20-day range and may bounce off the current support level to retest $0.50.

XRP chart points to a bullish breakout shortly as the price action is fast running out of space to move in the falling wedge. A breakout to the upside may result in a 55% move that would set the price at $0.72.

On the flip side, the Ripple price action is trending below but close to the 50-day and 200-day simple moving averages (SMA) on the daily time frame.

Furthermore, the XRP 14-day relative strength index (RSI) is at 35, just 5 points above the oversold zone. If it slides into this zone, we may experience increasing selling pressure before a bounce, as an oversold zone is a usual signal of price bottoming out.

Currently, $0.45 is the largest and strongest support level for XRP, but a slide below this could trigger other lower support levels around $0.35, and $0.32. 

XRP price may be affected by several things, two of which include the potential approval of an XRP ETF, and Ripple winning their lawsuit against the U.S. Securities and Exchange Commission (S.E.C.).

Ripple CEO Slams SEC Chair as XRP ETF Speculations Increase

Ripple CEO Brad Garlinghouse took a jab at SEC Chair Gary Gensler yesterday because of these remarks concerning crypto. Gensler, addressing an audience on Bloomberg Invest said that all crypto executives go to jail.

“This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition.”

Garlinghouse criticized the comments in a recent tweet on X (formerly Twitter), citing “Gensler will cause Biden to lose the election.”

The XRP community is also speculating on approving an ETF for the asset after Gensler’s comments on the Bloomberg Index and Financial Times interviews hinted at an ETH ETF’s potential approval and trading soon.

Bottom Line

The XRP price appears poised for potential upward movement, fueled by growing speculation about a possible XRP ETF, among other factors. An ETF approval could significantly positively impact XRP’s market performance.

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