Today, the long-term consolidation of XRP has continued as the price range remains between $2.5 and $2.10. However, based on the recent XRP news, there are several variables that point to a possible XRP surge. First is the approval of XRP ETF requests from several major financial institutions. As the SEC becomes more crypto-friendly with its new pro-crypto head, Paul Atkins, the launch of these ETFs becomes more likely. Second is the nearing end of the XRP SEC lawsuit, as Ripple is now negotiating a settlement with the SEC. Lastly, we have technical signals that point to a bullish XRP price prediction.
Will XRP Price Surge to $15 with JP Morgan’s ETF Approval?
The speculation about the possible effects of the approval of XRP ETFs has been going on for a while now. These Exchange Traded Funds are usually the main avenue for many institutional investors to join the market. One of the biggest entities that has filed an XRP ETF request is JP Morgan. This institution has also given an $8 billion estimation for how much its XRP ETF can attract in investments. Additionally, Kaiko Research has also given a statement regarding this matter. “Improving market dynamics, including the growing depth of the Ripple market, support a stronger case for ETF approvals this year.”
Based on an XRP price prediction by Zach Realtor, a well-known crypto analyst, XRP ETFs could push the price to a new ATH. He stated that although the exact possible inflows from ETFs can not be predicted, $4 billion in inflows could send XRP to $15. Additionally, he also gave a more bullish scenario: “Doubling that could put us in the $30 range, which would bring the Ripple currency price close to a $1.8 trillion market cap.” SEC’s position on Grayscale’s XRP spot ETF request is set to be decided on May 22.
Will XRP Explode After Lawsuit Ends?
Another bullish variable for the XRP price prediction is the upcoming end of the XRP SEC lawsuit. Until recently, the SEC lawsuit was ongoing, and Ripple had no hope of institutional partnerships in the USA. However, as the statements from the Ripple CEO, Brad Garlinghouse, show, we can expect the restriction to be lifted. As such, the cross-border payment services from Ripple can now be applied to American institutions. As such, we can expect further institutional adoption of XRP in the near future. Additionally, the short-term trajectory for XRP is also bullish, as the crypto market today is in the green.
Is XRP Gearing Up for a Breakout Above $2.30?
XRP has started a rally as well today, as Bitcoin value went over $87K. XRP has been making higher highs and lows, and now has climbed to $2.13. The RSI is in the oversold territory, showing a score of 70, which can be a sign of a bearish reversal. However, the ongoing buying pressure seems to be strong enough to guarantee a prolonged XRP price surge.
According to Chart 1, the ADX indicator is also climbing as it has sharply risen to 30 now. As such, the bullish trend seems to be strong and is gaining momentum. As the trading volume also increases, we could see a climb to the $2.30 to $2.35 range. However, if XRP falls below the $2 point, this prediction loses credibility, as XRP will likely continue falling.
Will XRP Win Big Against the SEC?
With the potential of more positive XRP news coming in the next weeks, we can expect a short-term bullish movement. If the Ripple and SEC agreement becomes official, that news in itself can create a significant rally. Despite all this, investors should still be wary of bearish news, as the crypto market in recent months has been increasingly volatile.
Source: Coinfomania / Digpu NewsTex