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The cryptocurrency market is witnessing a significant shift as Bloomberg analysts have given XRP an 85% chance of launching its ETF (Exchange-Traded Fund) by the end of the year. This development has sent ripples throughout the industry, with many traders and investors scrambling to assess the implications on XRP’s price.
In light of this news, it is essential to analyze the current market trends and trading signals that can help us make informed predictions about the future trajectory of XRP’s value.
As we examine the daily chart provided by TradingView, a few critical observations become apparent. The first aspect is the RSI (Relative Strength Index), which stands at 52.49, neither overbought nor oversold conditions. This provides ample room for upward momentum based on trading volume.
Moreover, the Bollinger Bands are currently compressing with the price hugging the middle band (20-day SMA). Historically, such compressions have led to sharp price movements. A daily close above the upper band around $2.29 could ignite bullish momentum and lead to a significant increase in XRP’s value.
Conversely, if the token fails to hold the lower band around $2.01, it may prompt a move towards the $1.85 support level. The MACD has already crossed above the signal line, signifying that buyers are gradually regaining control. However, flat histograms indicate weak momentum.
A continuation of this trend could stimulate more aggressive buying in the coming days, fueling further growth.
This information is crucial for traders and investors to make informed decisions regarding their XRP assets.
Source: https://www.coinspeaker.com/xrp-etf-approval-chances-85-percent-xrp-price/
