XRP on the Move: A Closer Look
XRP's Price Gets a Boost: ProShares Futures ETFs Scheduled for Release on April 30th
Here's a breeze through the latest happenings with Ripple (XRP):
TL;DR
- XRP lingers above the $2.00 mark amid SEC's prolonged ETF judgement
- Ripple CEO Brad Garlinghouse mulls over real-time salary payment system with XRP
- XRP hovers around $2.30, with Keltner upper band at $2.39 as the key resistance
- ProShares Trust initiates XRP futures ETFs, set to debut on the 30th of April
- Analysts predict XRP climbing to $5 if the positive trend persists post-ETF launch
The XRP Resilience
Despite SEC's postponement on various altcoin ETF decisions, XRP has shown hardiness, managing to stay afloat above $2.00. Currently trading at approximately $2.30, XRP has experienced a 4.2% increase over the last seven days.
The delay in ETF decisions affected multiple cryptocurrencies including Solana, Cardano, Avalanche, and XRP. Initially, this precipitated a sell-off with XRP tumbling to a daily low of $2.3. However, Bloomberg analyst Eric Balchunas reassured that these delays are part of the standard review process, and there's a high chance of eventual approval. This refreshed the balance in the altcoin markets, allowing XRP to recover and reclaim the $2.30 level.
Innovation in Real-Time Payments
Ripple CEO, Brad Garlinghouse, has proposed an interesting take on XRP — a real-time salary payment model. He questions the conventional payment cadence, pondering, "Why stick to monthly or bi-weekly paychecks?"
His idea centers around eradicating the archaic friction in global transactions. Garlinghouse contends that monthly or bi-weekly payouts persist only due to settlement delays in traditional finance. He suggests eliminating this by utilizing Ripple's on-chain payments infrastructure for real-time compensation flows.
With RippleNet and XRP Ledger already facilitating cheap cross-border payments, this innovative use case might catapult XRP to new heights, finding broader adoption.
Technicals and ETF Launches
ProShares Trust has received SEC's approval to issue three XRP futures ETFs: Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF, slated to launch on April 30th. These products provide investors exposure to XRP price movements without requiring direct ownership.
This announcement has fueled optimism, causing XRP to skyrocket by 10.06% over the past week, reaching a value of $2.31. In the last 24 hours, trading volume jumped by an astounding 71.87%.
Outlook and Key Levels
Technical analysis indicates XRP trading just below the Keltner Channel midline resistance of $2.3877, which poses the initial hurdle for further bullish momentum. The RSI is creeping towards the overbought zone at 68.87, while the RSI Moving Average trends higher to 54.55, supporting continued upsurge.
A bullish crossover emerged in mid-April, with the green histogram expanding, suggesting strong accumulation by buyers. However, trading volumes remain capped at 18.58M, revealing the need for stronger backup support for the current rally.
Key support levels include $2.17 (Keltner mid-band) and $1.96. Resistance rests at $2.39 (Keltner upper band) and the psychological threshold of $2.50.
In a Nutshell
Ripple's salary proposal using XRP might pave the way for XRP to be recognized as a practical financial utility, rather than just a speculative asset. As we move towards the launch of ETFs on the 30th of April, investments and institutional backing could surge, potentially driving XRP's price towards $5 if the momentum remains positive.
- Despite the SEC's delay in ETF decisions affecting cryptocurrencies like Solana, Cardano, Avalanche, and XRP, the resilience of XRP has allowed it to remain above $2.00, currently trading at around $2.30.
- Ripple CEO Brad Garlinghouse is contemplating a real-time salary payment system with XRP, questioning the conventional payment cadence of monthly or bi-weekly paychecks and suggesting the use of Ripple's on-chain payments infrastructure for real-time compensation flows.
- ProShares Trust, following SEC's approval, is set to launch three XRP futures ETFs on April 30th, including the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF.
- Analysts predict that XRP could climb to $5 if the positive trend persists post-ETF launch, as the announcement has fueled optimism, causing XRP to skyrocket by 10.06% over the past week.
- With the RSI moving towards the overbought zone at 68.87, a bullish crossover emerged in mid-April, and key support levels include $2.17 and $1.96, while resistance rests at $2.39 and the psychological threshold of $2.50.
