- XRP jumps over 6%, trading at around $2.70.
- Brazil approves its first-ever spot XRP ETF, managed by Hashdex.
Ripple’s XRP is navigating a mixed trend as the crypto market experiences a mild recovery, with technical data hinting at potential turbulence ahead. The asset has posted a 6.23% gain.
XRP has attempted to form new highs but caught in resistance and couldn’t cross over the $2.75 mark. In the early hours, the asset traded at a low of $2.55. With the emergence of bulls, the price mounted toward the daily high of $2.74.
At the time of writing, the asset trades at $2.70 with its daily trading volume reaching $5.41 billion. The market has witnessed an $8.02 million liquidation of XRP during this timeframe.
Notably, Brazil’s CVM has approved the Hashdex Nasdaq XRP Index Fund, making it the first spot XRP ETF to receive official regulatory backing. Further more, the U.S. SEC has officially acknowledged Bitwise’s XRP exchange-traded fund (ETF) filing.
Meanwhile, major firms like Bitwise, 21Shares, and Grayscale have filed applications for spot XRP ETFs. However, the SEC has yet to approve the applications. As per analysts’ opinion, the SEC may delay the approval until its lawsuit against Ripple is resolved.
Where is XRP’s Price Path Heading?
XRP’s Moving Average Convergence Divergence line is stationed above the zero line but the signal line is below it. This crossover indicates mixed signals as the positive MACD infers an uptrend, while the signal line below zero displays lingering bearish pressure.
Moreover, the Chaikin Money Flow (CMF) indicator value of -0.04 suggests a weak distribution, and the money flow is slightly negative. This is not enough to confirm the downtrend. In the meantime, the asset’s daily trading volume has spiked by over 10.42%.
A steady positive shift will nullify the bearish outlook. If the XRP price soars, it could breach the resistance formed at $2.78. In the event of a breakout above this zone, this could open the gate toward $3. Assuming the upside correction to sustain, the asset could inch close to its ATH.
Should XRP fail to hold the $2.67 support range, it risks a drop toward a low of $2.50. A confirmed death cross often triggers a downside correction and that could delay any of the recovery attempts. A decisive push may force the asset to retest its established bottom.
The 24-hour frame of XRP exhibits the Bull Bear Power (BBP) reading at 0.1360, pointing out the bullish dominance. Besides, the altcoin’s daily relative strength index (RSI) is settled at 51.64, which infers a neutral market with no strong bullish or bearish momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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