XRP Prepares for Potential Catalysts in Crypto Industry
XRP, the cryptocurrency associated with Ripple, is experiencing steady growth as it awaits major catalysts that could have a significant impact on its price. These catalysts include news related to a spot crypto ETF and the ongoing SEC vs. crypto case.
Analysts are also closely monitoring the upcoming election, as a Crypto-friendly White House could bring about a significant shift in the industry. Many are eagerly awaiting the results, as they believe it could have a profound effect on the market.
Since May 12, the price of XRP has been steadily increasing, marking it as one of the most underrated moves in the market. This surge was triggered by various external factors, and the cryptocurrency has been able to maintain its upward momentum.
As of Tuesday (May 28), XRP experienced a small increase in price, rising by just 0.06% within 24 hours to reach $0.5254. While this may seem positive, it is worth noting that the gains were lower than the 1% increase observed on May 27. However, it is still a partial reversal of the 2.53% loss recorded on May 26.
Analyzing the factors that determine XRP’s price, it was observed that the SEC vs. Ripple case had little to no impact on the cryptocurrency’s value. This lack of influence can be attributed to the absence of major news related to the case on Monday. However, this could change on Tuesday as the court decision on the Coinbase Motion for Interlocutory Appeal approaches. If the appeal is granted, Coinbase is expected to challenge the court’s decision to deny the Coinbase Motion to Dismiss.
Looking at the bigger picture, the entire crypto community, including XRP enthusiasts, is hopeful for a crypto-friendly White House that will support the broad implementation of the crypto-spot ETF market. Fortunately, the current front-runner of the Republican Party, Donald Trump, has publicly expressed his support for cryptocurrencies. If he wins the support of crypto lovers, it could potentially force the current US administration to reconsider its anti-crypto stance, which has negatively impacted several key firms.
The influence of the crypto industry on the upcoming election has reached unprecedented levels, as revealed by Coinbase’s crypto awareness campaign called #StandWithCrypto. The campaign highlights the fact that 52 million Americans own cryptocurrencies, emphasizing the growing importance of the industry.
On a positive note, the US Securities and Exchange Commission has approved the first Ether Exchange Traded Funds (ETFs) within the country. This decision has raised hopes that the regulator will also reconsider its enforcement actions against other cryptocurrencies. If this happens, issuers could take advantage of the opportunity to apply for a spot XRP ETF, which would be a significant catalyst for substantial growth.
Analyzing the current price chart, XRP has turned bearish as it remains below the 50-day and 200-day Exponential Moving Averages (EMAs). However, if it successfully breaks through the 50-day EMA, it could pave the way for a surge towards the 200-day EMA. Breaking above the 200-day EMA could potentially push XRP to the $0.5739 resistance level, aligning with the prediction of analyst Egrag Crypto, who believes the asset could reach $1.2.
Based on our assessment, the immediate drivers of XRP’s price are the news related to the SEC vs. crypto case and the crypto-spot ETF. If these predictions are invalidated, XRP could fall below the trend lines and reach the $0.48 support level. Currently, the 14-day Relative Strength Index (RSI) reading stands at 49.67, indicating a potential drop to the $0.48 handle before entering oversold territory.
In conclusion, XRP is eagerly awaiting major catalysts in the crypto industry that could have a significant impact on its price. The outcome of the SEC vs. crypto case and the possibility of a crypto-friendly White House are among the factors that could shape the future of XRP.