XRP’s trajectory hinges on two key factors: the SEC’s appeal strategy and potential XRP-spot ETF approvals.
XRP's price direction will be influenced by the SEC's appeal strategy and the approval of XRP-spot ETFs.
The SEC's ETF decisions could hinge on its appeal strategy. With final deadlines in October, the agency has the leeway to delay its ETF reviews. A withdrawal of the appeal would clear the path for XRP-spot ETFs, boosting market confidence. But approving ETFs while the appeal is pending could introduce uncertainty for institutional investors.
XRP Price Action
Daily Chart
Following the Bybit-induced sell-off, XRP trades below the 50-day Exponential Moving Averages (EMA) but remains above the 200-day EMA. The EMAs provide bearish price signals.
A breakout above the 50-day EMA could lead XRP toward $3. A return to $3 might set the stage for a move toward the January 16 high at $3.3999. Positive news regarding the Ripple case could put the all-time high of $3.5505 on the radar.
On the downside, a drop below $2.5 could see bears targeting the $1.9299 support level and then the February 3 low at $1.7024.
A 14-day Relative Strength Index (RSI) reading of 45.83 suggests that XRP could decline to the $1.9299 support before entering oversold territory (RSI below 30).
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
