XRP makes a steady move as it awaits major catalysts such as spot crypto ETF news and SEC vs crypto case-related news to come into play. 

Several analysts also believe that a Crypto-friendly Whitehouse could cause a huge shift in the industry as they await the upcoming election with bated breath. 

The steady growth of the XRP price since May 12 has been marked as one of the most underrated moves in the market following a bullish resurgence triggered by several external factors.

As of the early hours of Tuesday (May 28), the asset had made a little move up the price curve, surging by just 0.06% in 24 hours to trade at $0.5254. While this could be underlined as positive, the recorded returns appear below par compared to the marginal gain of 1% on May 27. However, it is still a partial reversal of the 2.53% loss recorded on Sunday (May 26). 

Subjecting the underlying price determining factors to scrutiny, it was observed that the SEC vs Ripple Case had little to no impact on the price with no major news on Monday to incite the interest of investors. However, Tuesday could be different as the court decision on the Coinbase Motion for Interlocutory Appeal approaches. If this is granted, Coinbase would certainly appeal against the court denying the Coinbase Motion to Dismiss (MTD). 

In the bigger picture, the entire crypto fraternity which includes the XRP enthusiasts hopes for a crypto-friendly White House to push for a broad implementation of the crypto-spot ETF market. Fortunately, the front-runner of the Republican Party Donald Trump has publicly declared his support for cryptos. Standing a chance to win the support of crypto lovers, the current US administration could be forced to reconsider its anti-crypto position which has made several key firms victims. 

XRP Awaits for Crypto-friendly Whitehouse to Strike 

The influence and involvement of the crypto industry on the upcoming election appears at a level not seen before as explained by Crypto News Flash. Alluding to this is Coinbase’s crypto awareness campaign dubbed #StandWithCrypto, disclosing that 52 million Americans own crypto. 

On a positive note, the US Securities and Exchange Commission has approved the first Ether Exchange Traded Funds within the country with the regulator expected to make a U-turn on some of its rule of enforcement actions. If that happens, issuers could seize the opportunity to apply for a spot XRP ETF which would be a massive catalyst for staggering growth. 

From the current price chart, XRP has flipped to bearish as it hovers below the 50-day and 200-day EMAs. It is important to note that a successful move through the 50-day EMA could enable bulls to run at the 200-day EMA. In breaking above the 200-day EMA, XRP could surge to the $0.5739 resistance level. This aligns with the prediction of analyst Egrag Crypto, claiming the asset could hit $1.2. 

Per our assessment, the immediate drivers are the SEC vs. crypto case-related news and crypto-spot ETF. Once this prediction gets invalidated, XRP would fall through the trend lines and peg at the $0.48 support level. Currently, the 14-day RSI reading is standing at 49.67, hinting at a drop to the $0.48 handle before entering the oversold zone. 

 

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Filed under: Bitcoin - @ May 28, 2024 10:21 am