XRP Anticipates Key Catalysts as Crypto ETF and SEC Case News Loom
The XRP cryptocurrency is making steady progress as it awaits significant developments, such as news on the spot crypto ETF and the ongoing SEC vs. crypto case. Market analysts are also closely watching the upcoming election, as a crypto-friendly White House could have a transformative impact on the industry.
Since May 12, the price of XRP has been steadily increasing, which many experts believe is an underappreciated move in the market. This bullish resurgence has been driven by various external factors.
As of the early hours of Tuesday (May 28), XRP experienced a modest price increase, rising by just 0.06% in a 24-hour period to trade at $0.5254. While this can be seen as a positive development, the recorded gains are relatively small compared to the 1% increase on May 27. Nonetheless, it does represent a partial reversal of the 2.53% loss recorded on Sunday (May 26).
Upon closer examination of the factors influencing XRP’s price, it was observed that the SEC vs. Ripple case had little to no impact on the market, as there was no major news on Monday to attract investor interest. However, Tuesday could be different, as the court’s decision on the Coinbase Motion for Interlocutory Appeal draws closer. If granted, Coinbase would likely appeal the court’s denial of the Coinbase Motion to Dismiss.
Looking at the bigger picture, the entire crypto community, including XRP enthusiasts, is hopeful for a crypto-friendly White House that would advocate for the widespread adoption of the crypto-spot ETF market. Fortunately, the leading candidate of the Republican Party, Donald Trump, has publicly expressed his support for cryptocurrencies. With a chance to win the support of crypto enthusiasts, the current US administration may be compelled to reconsider its anti-crypto stance, which has negatively impacted several prominent firms.
XRP is Eagerly Awaiting a Crypto-Friendly White House
The influence and involvement of the crypto industry in the upcoming election is unprecedented, as noted by Crypto News Flash. Coinbase’s #StandWithCrypto campaign highlights this trend, revealing that 52 million Americans own cryptocurrency.
In a positive development, the US Securities and Exchange Commission has approved the first Ether Exchange Traded Funds (ETFs) within the country, indicating a potential shift in the regulator’s approach to enforcement actions. If this trend continues, issuers may seize the opportunity to apply for a spot XRP ETF, which would act as a significant catalyst for substantial growth.
Based on the current price chart, XRP has shifted to a bearish trend, remaining below the 50-day and 200-day Exponential Moving Averages (EMAs). It is worth noting that a successful breakthrough of the 50-day EMA could pave the way for bulls to target the 200-day EMA. If XRP surpasses the 200-day EMA, it could surge towards the $0.5739 resistance level. This aligns with the prediction of analyst Egrag Crypto, who believes that the asset could reach $1.2.
In our assessment, the key drivers for XRP in the near term are the news related to the SEC vs. crypto case and the crypto-spot ETF. If these predictions do not materialize, XRP could fall below the trend lines and settle around the $0.48 support level. Currently, the 14-day Relative Strength Index (RSI) reading stands at 49.67, suggesting a potential decline towards the $0.48 level before entering the oversold zone.
Recommended for you:
Guide: How to Buy Ripple (XRP)
Tutorial: Setting Up a Ripple XRP Wallet
Check the 24-Hour XRP Price
More News on Ripple (XRP)
What is Ripple (XRP)?
