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XRP News Today: ETF Speculation and SEC Case Influence XRP’s Bullish Trend

By:
Bob Mason
Updated: Apr 9, 2024, 03:00 GMT+00:00

Key Points:

  • XRP rallied 3.42% on Monday, closing the session at $0.6147.
  • The crypto market saw broad-based gains amid bullish price predictions.
  • SEC vs. crypto case-related news, SEC activity, and crypto-spot ETF-related chatter need consideration.
XRP News Today

In this article:

The Monday Overview

XRP rallied 3.42% on Monday. After gaining 0.19% on Sunday, XRP closed the session at $0.6147.

Stablecoin Plans Drive Investor Interest in XRP

XRP extended its winning streak to three sessions on Monday. The XRP return to the $0.61 handle coincided with the recent news of Ripple planning to launch its own Stablecoin. Importantly, Ripple retook the $0.61 handle amidst increasing uncertainty about the SEC v Ripple case.

According to Santiment, market sentiment toward XRP Ledger/XRP was positive late in the Monday session (UTC). XRP was a trending coin, with 51.72% positive versus 30.5% negative. Nevertheless, the influence of the SEC vs. Ripple case on XRP remains a dominant factor.

There were no SEC vs. Ripple case-related updates to impact buyer demand for XRP. However, Ripple CEO Brad Garlinghouse gave a bullish outlook of the crypto market despite the SEC cases against Ripple, Coinbase (COIN), Kraken, Binance, and others.

Garlinghouse reportedly spoke to CNBC, saying,

“I’ve been around this industry for a long time, and I’ve seen these trends come and go. I’m very optimistic. I think the macro trends, the big-picture things like the ETFs, they’re driving for the first time real institutional money.”

Garlinghouse went on to say,

“You’re seeing that drives demand, and at the same time demand is increasing, supply is decreasing. That doesn’t take an economics major to tell you what happens when supply contracts and demand expands.”

The Ripple CEO concluded that,

“The overall market cap of the crypto industry … is easily predicted to double by the end of this year.”

Garlinghouse based his bullish outlook on the influence of the BTC-spot ETF market and the bitcoin halving as contributory factors.

The evolution of the BTC-spot ETF market to altcoins-spot crypto ETFs would boost the crypto market. However, the issue of whether cryptos are securities or commodities remains a hurdle.

On Monday, Bloomberg Intelligence Senior ETF Analyst Eric Balchunas left the odds of the SEC approving ETH-spot ETFs in May at 25%. XRP-spot ETFs are unlikely until the approval of ETH-spot ETFs and the conclusion of the SEC vs. Ripple case.

XRP Price Action

Weekly Chart sends bullish price signals.
XRPUSD 090424 Weekly Chart

Daily Chart

XRP hovered above the 50-day and 200-day EMAs, sending bullish price signals.

An XRP return to the $0.62 handle would support a move toward the $0.6609 resistance level.

SEC vs. crypto-related news, SEC activity, and crypto-spot ETF-related chatter warrant investor attention.

Conversely, a break below the 50-day EMA could give the bears a run at the 200-day EMA and the $0.5740 support level.

The 14-day RSI reading, 50.95, suggests an XRP move to the $0.70 handle before entering overbought territory.

XRP Daily Chart sends bullish price signals.
XRPUSD 090424 Daily Chart

4-Hourly Chart

On the 4-hourly, XRP held the 50-day and 200-day EMAs. The EMAs affirmed the bullish price signals.

A breakout from the April 8 high of $0.6269 could give the bulls a run at the $0.6609 resistance level.

However, a drop below the $0.60 handle could bring the $0.5739 support level into play.

The 4-hourly RSI, with a reading of 51.07, indicates an XRP break above the $0.6609 resistance level before entering overbought territory.

XRP 4-Hourly Chart sends bullish price signals.
XRPUSD 090424 4-Hourly Chart

About the Author

Bob Masonauthor

With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.

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