Will Trump’s ETF Approvals spark $5 breakout
The post Will Trump’s ETF Approvals spark $5 breakout appeared on BitcoinEthereumNews.com.
Ripple (XRP) price consolidated above the $3 mark on Wednesday January 23, supported by bullish tailwinds from Trump’s inauguration. With investors increasingly shifting coins into long-term storage, is XRP price could be on the verge of a major breakout towards $5? Ripple (XRP) Consolidates as $3 amid Multiple Trump-fueled Bullish Catalysts Ripple (XRP) price stagnated around $3 on Wednesday, raising a few eyebrows as crypto market events during the day revealed a number of bullish catalysts. First, Bloomberg ETF Analyst James Seyyfart confirmed the imminent listing of XRP and Solana (SOL) futures on CME Group, the world’s largest derivatives exchange. Given the share size of capital at play among institutional investor-focus exchanges like the CME group, Ripple price is expected to attract significant capital inflows in the long-run. XRP Price Action | XRPUSDT However XRP price failed to advance significantly after the news of this event broke for several reasons. The chart above shows that XRP price spent the larger part of Wednesday in consolidation phase, moving within the narrow channel between $3 to $3.2. First, XRP is not expected to begin trading on the CME group until Feb 10. Hence the expected capital inflows are not priced. More so, Donald Trump’s foray into the memecoin space, has diverted layer-1 capital flows towards the Solana network. These two facts played a role in XRP tepid price action observed on Wednesday. It remains to be seen if bull traders will break out of the current sit-and-watch state, and place larger long bets as February 10, at the tentative date of XRP and SOL listing on CME Group approaches. Binance Traders spotted moving $300M XRP amid Trump ETF Approval Speculations. XRP price has established steady support above $3 this week, amid positive speculations surrounding potential altcoin ETF approvals, President Donald Trump’s expected crypto-friendly…
Filed under: News - @ January 23, 2025 12:24 pm