The cryptocurrency market is keenly looking forward to witnessing XRP’s much-awaited price hike triggered by the XRP ETF hype. Ripple investors expect a major price increase in the near future, as nearly 15+ exchange-traded funds (ETFs) are awaiting approval by the US SEC. However, the token fails to capitalise on this momentum. It shows no signs of an upcoming surge in price. What is the future of XRP like?
Also Read: Markets in Panic: Is This the Long-Awaited Crypto Winter or Just a Dip Now?
XRP ETF Buzz: Why Is XRP Not Moving?
Ripple (XRP) is currently sitting in the center of major ETF development. It has been several months since XRP basked in ETF hype. The token was banking on its nearly 15+ ETFs that were in line to be examined in detail. These ETFs could attract significant capital, which would boost the price of the token. Despite such a bullish outlook, XRP’s price does not show any significant price changes. According to GPT, there can be multiple reasons contributing to the slow price recovery of the token, the primary one being the investors’ sentiment towards the “possibility news.”
The AI portal was quick to explain how investors and the market generally hate speculations and anticipations, which might be one of the reasons impacting XRP’s price. AI also thinks that Bitcoin’s dominant position and ability to absorb a majority of inflows has an impact on XRP.
AI shared the XRP token, which is historically a slow mover. This could suggest that XRP takes some time to adapt. The token may have suffered from all these factors, which could explain its drop in price.
Future Prospects of the Asset: Expert Opinion
According to Dark Defender, the XRP price chart is showing signs of a cup and handle formation. The token is now exploring a series of new highs including $5, $ 18, and $36.
“XRP, yearly candles formed the cup & handle. The pattern is waiting for further Surge. Supports: $1.88, $2.1. Targets: $5.85, $18.22, $36.76
Egrag Crypto, another notable XRP expert, shared how the token is on a path to hit a new high, calling its latest slow price cycle a temporary consolidation phase.
Also Read: XRP Just Got Wall Street Validation From Franklin Templeton
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Source: watcher.guru
