XRP Price Prediction as Two-Week High Nears $0.53: Are Bulls Gearing Up for a Run?
XRP (XRP), the cryptocurrency that powers the XRP Ledger first launched by US fintech company Ripple back in 2011, has been pumping this week in tandem with a Bitcoin-led broader rise in the crypto market.
XRP was last trading at its highest level in over two months just above $0.57, up close to 5% on Tuesday as optimism rises that spot Bitcoin ETF applications in the US are about to be approved by the US Securities and Exchange Commission (SEC).
BlackRock’s iShares spot Bitcoin ETF appeared on the US Depository Trust & Clearing Corp.’s website late on Monday, a sign that BlackRock is continuing to prepare for the ETF’s launch, a sign the asset management giant is confident its application will soon be approved.
XRP’s gains on the week are now close to 10%.
Whilst XRP’s rally lags that of Bitcoin’s (BTC was last up over 14% on the week), the cryptocurrency’s rally is technically significant.
XRP has this week been able to break to the north of all of its major moving averages, including its 200DMA just under $0.53 and 100DMA at $0.565.
While the cryptocurrency remains about 40% lower versus its July highs in the $0.90s, XRP price predictions remain bullish.
Not only is XRP benefitting from momentum in the broader market as Bitcoin surges higher, but XRP is also set to continue benefiting from tailwinds relating to Ripple’s lawsuit with the SEC.
The SEC accused Ripple of selling XRP as an unregistered security back in 2020.
But the agency has suffered a series of important legal setbacks in 2023.
The judge presiding over the case ruled that Ripple’s sales weren’t necessarily securities sales back in July (hence the spike in XRP to yearly highs near $1.0) and has since refused to grant the SEC an appeal.
Meanwhile, just last week the
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