The weighted market sentiment for XRP, the cryptocurrency associated with Ripple, has plunged to its lowest negative point since mid-May 2023. For contrarian investors who relish going against the crowd, this dip in sentiment could be an intriguing signal, potentially paving the way for unique opportunities in the market, according to insights from Analyst Ali.
Ali, a prominent figure in the crypto analysis space, further shares his observations that the prevailing pattern governing XRP’s price action since June 2022 seems to be an ascending parallel channel. If this pattern continues to hold, there is speculation that XRP might chart a course toward the channel’s middle or upper boundaries, currently estimated at $0.80 and $1.10, respectively.
At present, according to data from CoinMarketCap, the XRP price stands at $0.566469, experiencing a significant surge with a 24-hour trading volume of $1 billion, marking an increase of almost 150%. Over the last 24 hours, XRP has seen a positive movement of 4.49%, although it has faced a weekly decline of 7.52%. The cryptocurrency maintains its position at the sixth rank on CoinMarketCap, boasting a market cap of $30 billion.
XRP ETF Speculations Rise Amid SEC Approval Talks
As XRP investors navigate through this dynamic market landscape, rumours have begun circulating regarding the potential approval of an XRP Exchange-Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC). While market stakeholders are relatively certain about the approval of the first-ever spot Bitcoin ETF in the US, whispers in the crypto community suggest that an application for an XRP ETF may soon follow suit.
Amid widespread expectations surrounding the Bitcoin ETF approval before the January 10, 2024, deadline, speculations have emerged regarding an impending application for the XRP ETF with the US SEC. A screenshot shared by crypto influencer Jack The Rippler has fueled these rumours, indicating that an XRP Exchange-Traded Product (ETP) named Amun Ripple AXRP ETP is already registered with Fidelity.
Adding to the anticipation, XRP Whale hinted that an official ETF application might surface in April, with the potential launch expected before the conclusion 2024. The excitement around the prospects of an XRP ETF adds another layer of intrigue to the evolving narrative of the market, leaving investors eagerly awaiting regulatory developments in the coming months.
Related Reading | Bitcoin ETFs Spark Global Interest with Varied Enthusiasm