Highlights
- XRP price currently could slide 22% lower to $0.41 if market conditions remain bearish.
- The rising conflict between Israel and Iran put markets on edge, adding uncertainty.
- Bitwise’s filing for an XRP ETF has stirred hope for a potential bullish surge.
XRP price has shown resilience despite the escalating conflict in the Middle East, particularly between Iran and Israel, which has created a volatile backdrop for global markets. Amid this turmoil, XRP recently climbed to $0.57. Adding to the optimism, Bitwise’s recent filing for an XRP ETF has sparked discussions about the potential for even further price increases.
XRP Price Amid War Tension
Global markets are unsettled due to the increasing conflict in the Middle East, particularly the escalating situation between Iran and Israel. This geopolitical instability has heightened uncertainty across commodities, stocks, and cryptocurrencies. Despite this, XRP has shown some resilience, currently trading at $0.57. Despite the tense situation, the token’s price is holding steady within its usual range without experiencing significant drops or surges.
The sudden sell-offs may have been triggered by the ongoing conflict in the Middle East, with Iran launching around 300 missiles at Israel in response to the assassination of Hassan Nasrallah, the former leader of Hezbollah, by Israel. This led to a series of sales in the crypto market, causing a chain reaction of liquidations and pushing the market into negative territory.
XRP ETF Filing Could Spark Major Price Surge
At the same time, significant developments in the crypto space could push XRP into a new phase. Bitwise Asset Management has filed for an XRP-focused exchange-traded fund (ETF), sending waves of excitement through the XRP community.
Should the ETF gain approval, it would open up XRP to a broader set of investors, likely driving increased demand. This news reveals the growing institutional interest in the XRP ecosystem.
The potential approval of the XRP ETF could be a game-changer. Many analysts believe this may act as the catalyst to push XRP’s price significantly higher, possibly towards the $1 mark.
Launching an XRP ETF would simplify institutional and retail access to the token, making it more appealing to investors wary of direct cryptocurrency holdings. With the success of other crypto ETFs, including Bitcoin and Ethereum, it’s feasible to speculate that an XRP ETF could push the token’s price upwards, especially in an uncertain market looking for stable assets.
It’s important to consider the potential for regulatory clarity regarding XRP, which has been involved in legal issues with the SEC for a long time. The introduction of an XRP ETF would probably not only establish a regulatory framework for XRP but also increase investor confidence, leading to a rise in the price.
XRP Price Technical Analysis: All Eyes On $0.41
XRP price is currently moving downward due to the overall market conditions. Additionally, the price chart shows a relatively strong resistance at $0.60-$0.63. XRP price seems to have abandoned its bullish breakout from the ascending triangle as it broke out to the downside.
Additionally, the Relative Strength Index (RSI) is currently at 32, heading toward the oversold territory, which is usually a buy signal and could result in the price bouncing back and breaking above the $0.60 resistance.
Continued selling pressure may push XRP down to the next level of support, around $0.49. Below that, XRP could drop 22% to $0.41.
However, if XRP bulls push the price back into the triangle, this negative breakout could be ruled a fakeout. Further bullish pressure could cause the XRP price to break above $0.60, catapulting it 53% to $0.95.
