Monday, March 4, 2024

XRP Price Finds Support as Ripple Lawyer Discusses Potential Super Bowl Bitcoin ETF.

As the market prepares for the holidays, the price of ripple (XRP) is drifting horizontally with no directional bias. However, as the social sentiment chart shows, the XRP community is still generally upbeat. It comes as the deadline for spot Bitcoin exchange-traded funds (ETFs) approaches, and John E. Deaton, an attorney for Ripple, has thoughts on the storyline.

A lawyer for Ripple predicts a “clever Super Bowl Bitcoin Spot ETF.”

According to Ripple attorney John Deaton, marketing teams of individual applicants will compete to outdo one another once the US Securities and Exchange Commission (SEC) permits spot BTC ETFs. This might result in one company launching a super bowl Bitcoin ETF.

Some speculate that the SEC has issued a ‘do cash creates or wait’ directive since multiple contenders have already bent the knee. Valkyrie, BlackRock, Invesco, Fidelity Investments, Ark Invest, and 21Shares are a few of them.

The fact that BlackRock stated in its S-1 amendment that “these transactions may also take place in exchange for bitcoin” gives the institutions hope for in-kind creations notwithstanding the capitulation.

According to social sentiment data, the Ripple (XRP) market is still generally upbeat, flashing green at the five index, while Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) are still just neutral at the 2.5 index.

Ripple price outlook from a technical standpoint
If the supply barrier that spans from $0.6544 to $0.7195 continues to function as an order block of resistance, the price of ripples may decline further, losing its short-term support at $0.5773. Bulls would be doomed if there was a break and closing below this level.

Relative Strength Index (RSI) outlooks show that momentum is declining, and when combined with the Awesome Oscillator’s (AO) and the Moving Average Convergence Divergence’s (MACD) bearish positions, the probabilities are in favor of the downside.

The price of Ripple may break through at $0.5773, and the $0.4595 support floor may be revisited. A move like that would represent a 25% decline from the present levels.

However, given the bullish trend in the market, the price of ripples may move higher and enter the supply zone, which lies between $0.6544 and $0.7195. This would represent a 10% increase over the present levels. However, the gains must continue for the price of XRP to surpass the supply zone’s midline at $0.6880 in order to validate the uptrend. This would imply an expansion of 5% over the previously specified threshold.

The price of Ripple may rise further in a very bullish scenario, turning this supply zone into a bullish breaker over $0.7333. This would open the door for the trend to continue to the next supply barrier, which is located between $0.7651 and $0.8234.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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