XRP's anticipated price surge to $6 confirmed by endorsement of significant backing
In a recent development, the cryptocurrency market is abuzz with excitement as XRP, the third-largest digital asset by market capitalisation, shows signs of renewed strength.
According to Bloomberg Intelligence, the approval odds for XRP Exchange-Traded Funds (ETFs) stand at a promising 95%. This optimistic outlook comes as a wave of asset managers, including Canary, CoinShares, Franklin Templeton, 21Shares, WisdomTree, Grayscale, and Bitwise, have submitted amended registration statements for proposed XRP ETFs.
The federal appeals court's recent decision to dismiss the Securities and Exchange Commission's (SEC) case against Ripple has further cleared the way for issuers to act quickly regarding XRP ETFs. This decision is expected to accelerate the approval process for these funds.
The technical indicators for XRP are also pointing towards a possible 107% spike. XRP has formed a higher low, signalling a renewed strength in the digital asset. This rapid rebound, following a pullback that dropped XRP below $3 and lasted five weeks, indicates room for continued upside.
By press time, XRP was trading at $3.03, up more than 7% in the past 24 hours, but down 3% on the weekly chart. The digital asset needs to hold the $3 support zone to realistically target a new high.
The first price target for XRP is $4.44, and the primary short- to mid-term objective is $6.28. However, an additional boost for XRP could come if overall crypto market sentiment remains bullish.
Notably, pseudonymous crypto expert Master Ananda predicts that XRP is likely to resume its upward trajectory. He suggests that the retracement phase seems to be over, with price action having stalled at the 13-day exponential moving average (EMA).
This optimistic outlook is shared by many in the crypto community, who are eagerly awaiting the potential approval of XRP ETFs and the subsequent impact on the digital asset's price. As always, it's important to remember that investing in cryptocurrencies comes with inherent risks, and it's crucial to do thorough research before making any investment decisions.
