XRP eyes $2.7 amid strong volume despite price dip: check forecast
The crypto market began the new week bullish, but the bulls have cooled down over the past few hours.
Bitcoin faced rejection around the $107k resistance level and is now trading just above $105k.
Ether has dropped below the $3,600 region, while XRP continues to face resistance above $2.6.
XRP dips below $2.5 as market rally stalls
XRP, the native coin of the Ripple ecosystem, has lost 1.5% of its value over the last 24 hours and is now trading around $2.45 per coin.
The decline comes as the broader crypto market eases up from its recent rally.
Bitcoin raced to the $107k a few hours ago but faced a rejection and now trades just above the $104k support level.
The bearish performance has affected altcoins, with Ether and XRP both in the red.
However, XRP’s daily trading volume continues to surge despite the coin’s price decline.
XRP’s daily trading volume increased by 34.37% to hit $6,149,882,063.51.
The volume increase amid a price decline suggests a repositioning by cryptocurrency traders as they anticipate a further rally by XRP.
The anticipation comes as XRP has added nearly 9% in the last seven days, hitting a market cap of over $147 billion.
Despite XRP’s poor performance, some major altcoins such as Uniswap (UNI), Aerodrome Finance (AERO), and Immutable (IMX) emerged as the top winners in the market.
Other altcoins like Zcash (ZEC), Canton Network, and Dash (DASH) declined, ranking as the top losers among the leading cryptocurrencies.
XRP’s strong volume comes as investors continued building positions on renewed optimism around regulatory progress and ETF developments.
A few days ago, Canary Capital, Bitwise, Franklin Templeton, and 21Shares filed amended S-1 registration statements for spot XRP exchange-traded funds.
The amendments saw the introduction of standardised listing language designed to streamline SEC review under existing 8(a) procedures.
This has improved the chances of the SEC approving the XRP spot ETFs in the near term.
The five-spot XRP ETFs have been listed on DTCC ahead of a potential US launch this month.
Alexis Sirkia, Chairman of (Ripple-backed) Yellow Network, told Invezz in an email that,
The recent XRP price increase is driven by the news that many spot XRP ETF issuers are actively positioning for an imminent launch, marked by the removal of the SEC’s delaying language in S-1 filings, and the DTCC listing of up to nine potential XRP tickers. Investors are looking to get in ahead of and benefit from the retail and institutional capital that floods in with ETF approvals, which looks to be set for around November 13.
XRP targets $2.70 despite price decline
The XRP/USD 4-hour chart is bearish and inefficient as the coin is down 1.5% in the last 24 hours.
At press time, XRP is trading at $2.45 and could rally higher in the near term.
The technical indicators on the 4-hour timeframe remain bullish thanks to the coin’s positive performance in the last seven days.
The RSI of 61 is above the neutral 50, indicating a bullish bias. The MACD lines are also within the positive territory, suggesting that buyers are currently in control of the market.
If the bullish trend resumes, XRP could rally towards the $2.70 mark in the near term and gain efficiency in the process.
However, if the broader crypto market fails to pump, XRP could retrace towards the nearest support level at $2.29.
The post XRP eyes $2.7 amid strong volume despite price dip: check forecast appeared first on Invezz
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XRP eyes $2.7 amid strong volume despite price dip: check forecast
The crypto market began the new week bullish, but the bulls have cooled down over the past few hours.
Bitcoin faced rejection around the $107k resistance level and is now trading just above $105k.
Ether has dropped below the $3,600 region, while XRP continues to face resistance above $2.6.
XRP dips below $2.5 as market rally stalls
XRP, the native coin of the Ripple ecosystem, has lost 1.5% of its value over the last 24 hours and is now trading around $2.45 per coin.
The decline comes as the broader crypto market eases up from its recent rally.
Bitcoin raced to the $107k a few hours ago but faced a rejection and now trades just above the $104k support level.
The bearish performance has affected altcoins, with Ether and XRP both in the red.
However, XRP’s daily trading volume continues to surge despite the coin’s price decline.
XRP’s daily trading volume increased by 34.37% to hit $6,149,882,063.51.
The volume increase amid a price decline suggests a repositioning by cryptocurrency traders as they anticipate a further rally by XRP.
The anticipation comes as XRP has added nearly 9% in the last seven days, hitting a market cap of over $147 billion.
Despite XRP’s poor performance, some major altcoins such as Uniswap (UNI), Aerodrome Finance (AERO), and Immutable (IMX) emerged as the top winners in the market.
Other altcoins like Zcash (ZEC), Canton Network, and Dash (DASH) declined, ranking as the top losers among the leading cryptocurrencies.
XRP’s strong volume comes as investors continued building positions on renewed optimism around regulatory progress and ETF developments.
A few days ago, Canary Capital, Bitwise, Franklin Templeton, and 21Shares filed amended S-1 registration statements for spot XRP exchange-traded funds.
The amendments saw the introduction of standardised listing language designed to streamline SEC review under existing 8(a) procedures.
This has improved the chances of the SEC approving the XRP spot ETFs in the near term.
The five-spot XRP ETFs have been listed on DTCC ahead of a potential US launch this month.
Alexis Sirkia, Chairman of (Ripple-backed) Yellow Network, told Invezz in an email that,
The recent XRP price increase is driven by the news that many spot XRP ETF issuers are actively positioning for an imminent launch, marked by the removal of the SEC’s delaying language in S-1 filings, and the DTCC listing of up to nine potential XRP tickers. Investors are looking to get in ahead of and benefit from the retail and institutional capital that floods in with ETF approvals, which looks to be set for around November 13.
XRP targets $2.70 despite price decline
The XRP/USD 4-hour chart is bearish and inefficient as the coin is down 1.5% in the last 24 hours.
At press time, XRP is trading at $2.45 and could rally higher in the near term.
The technical indicators on the 4-hour timeframe remain bullish thanks to the coin’s positive performance in the last seven days.
The RSI of 61 is above the neutral 50, indicating a bullish bias. The MACD lines are also within the positive territory, suggesting that buyers are currently in control of the market.
If the bullish trend resumes, XRP could rally towards the $2.70 mark in the near term and gain efficiency in the process.
However, if the broader crypto market fails to pump, XRP could retrace towards the nearest support level at $2.29.
The post XRP eyes $2.7 amid strong volume despite price dip: check forecast appeared first on Invezz
Read More
Altcoin ETF News Continues to Roll! XRP ETF Release Date Announced!