XRP price has been in consolidation against Bitcoin for the past 64 days now as Bitcoin adoption ramps up all over the world. In the wake of an Ethereum Spot ETF, crypto markets are expecting other crypto ETFs such as Solana and XRP. The price of XRP was hovering around $0.52 during European trading hours
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XRP price has been in consolidation against Bitcoin for the past 64 days now as Bitcoin adoption ramps up all over the world. In the wake of an Ethereum Spot ETF, crypto markets are expecting other crypto ETFs such as Solana and XRP.
The price of XRP was hovering around $0.52 during European trading hours on Thursday, with Bitcoin price sitting at $71,094.
XRP/BTC Price Analysis: XRP May Surge 19% If this Breakout Happens
XRP price has been on a downward trend against Bitcoin. While the king of crypto surged from $30,000 to over $70,000, XRP remained around the $0.5 mark. Nevertheless, the price action is trending above the 50-day and 200-day simple moving averages (SMA).
Since April 2, the XRP price has been in a consolidation zone, having tested the lower boundary twice and the upper boundary only once. Additionally, the price action has formed a falling wedge inside the range, which may resolve to the upside. This may increase the price of XRP to 0.00000882 BTC, a 19% surge.
Meanwhile, the Bitcoin price broke out from the falling wedge and is headed higher. The price action is above the 50-day and 200-day SMA, signaling that investors are bullish on the asset. There is a zone of strong overhead resistance that threatens BTC bulls. However, if they slice through it, the BTC price can reach new all-time highs. Conversely, there is support around 69,000 areas.
Ripple CEO Predicts 2025 for XRP ETF, Fueling Crypto Fever
Brad Garlinghouse, CEO of Ripple was cautiously optimistic about the Ethereum spot ETF and during a recent appearance on Fox Business, he made a case for an XRP ETF.
Brad Garlinghouse: “A #XRP ETF is just simply inevitable.” Fox Business pic.twitter.com/oJAm5sCrWW
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 4, 2024
According to Brad, the approval of an XRP ETF is inevitable. He also expects ETFs of other cryptocurrencies such as Solana (SOL) and Cardano (ADA).
Garlinghouse expects the Ethereum spot ETF to be approved by July and also expects it to further open the markets to new investors who want to onboard crypto.
In the meantime, demand for Bitcoin continues to soar as Bitcoin purchased by ETFs severely outweighs the new Bitcoin mined. This is a recipe for exponential price increases when demand overrides supply by more than 10x.
Bottom Line
As the general crypto market ponders the possibility of multiple-asset ETFs, investors are watching closely to see the impact on the growth of the industry. Garlinghouse puts the XRP ETF around 2025, which may be at the height of the bull run. Such a timely development may catapult the XRP price to $10.
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