The cryptocurrency market is keenly looking forward to witnessing XRP’s much-awaited price hike triggered by the XRP ETF hype. With nearly 15+ ETFs in line to gain approval from the US SEC, investors are hoping for a significant price surge in Ripple’s current price trajectory. But the token is failing to capitalize on this momentum, unable to show signs of a possible surge and price spike. What does the future of XRP look like?
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XRP ETF Buzz: Why Is XRP Not Moving?
Ripple (XRP) is currently sitting in the center of major ETF development. It’s been months since XRP has been basking in the ETF hype, trying to bank on the fact that the token has nearly 15+ ETFs in the queue to explore at length. Once approved, these ETFs may invite significant capital inflows, bolstering the token’s price. But despite such bullish development, the XRP price is unable to show credible price spikes or 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. Moreover, Bitcoin dominance and its ability to absorb the majority of the inflows are other reasons that the AI thinks are impacting XRP.
In addition to this, AI was quick to share XRP, which historically has been a late mover, which in simple terms may suggest that the token generally takes time to adapt to a certain price pace. All these points together may have been stressing the token out, impacting its price in the long run.
Future Prospects of the Asset: Expert Opinion
According to Dark Defender, the XRP price chart is showing signs of a cup and handle formation. This development is pushing the token to explore a spree of 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
