Get Ready for a Wild XRP Ride to $6! 🚀💰

by

Oh, what a jolly good show! XRP (XRP) has bounced back like a rubber ball, soaring more than 15% since it closed at a measly $2.32 on February 6. While other altcoins are sulking in the corner, XRP’s weekly chart is strutting around like a peacock, flaunting its bullish outlook! 🦚

SEC’s Spot XRP ETF Acknowledgment Bonanza! 🎉

Now, hold onto your hats, dear friends! The recent excitement around XRP is all thanks to the SEC, which has been on a spot XRP ETF acknowledgment spree! They’ve given a thumbs up to another filing from CoinShares via Nasdaq. This makes it the fourth spot XRP ETF filing to get the SEC’s initial nod, following the likes of Grayscale, 21Shares, and Bitwise. And let’s not forget WisdomTree and Canary Capital, who also got a pat on the back from the commission, as reported by CryptoMoon. 🥳

Meanwhile, Brazil’s securities commission, the Comissão de Valores Mobiliários, has approved the nation’s very first spot XRP ETF, presented by the Hashdex Nasdaq XRP Index fund. But wait! The spot ETF isn’t live for trading just yet. Hashdex has promised to spill the beans on more details soon. 🕵️‍♂️

But, oh dear! Despite all this positive hullabaloo, XRP futures traders seem to have taken a long holiday. Earlier this month, CryptoMoon reported that XRP open interest (OI) plummeted by more than 78% last week after XRP’s price took a nosedive of 26% during the first week of February. Talk about a rollercoaster ride! 🎢

Now, while prices have jumped almost 20% since the great wipeout, XRP futures OI has only managed to hop up by a measly $600 million after plummeting close to $4 billion in notional value. This suggests that the current price action is being controlled by a handful of traders, making it as volatile as a cat on a hot tin roof! 🐱🔥

Analyst Predicts XRP’s “God Candle” to $6! 🙏

With XRP showing a better recovery than a cat with nine lives, Polly, our mysterious crypto commentator, believes that market makers are setting the stage for a new all-time high. How thrilling! 🎩✨

Polly pointed out that the SEC-Ripple lawsuit will be wrapped up before the end of February, which would trigger a “god candle” for the asset, sending XRP soaring to a staggering $6 within the next 10 days! But hold your horses! This prediction is based on a rather large assumption, as neither the SEC nor Ripple has confirmed any case resolution. 🤔

While Polly’s prediction might sound like a fairy tale, Dom, an XRP markets analyst, has his feet firmly planted on the ground. He emphasized that XRP’s current resistance range between $2.50 and $2.80 is a crucial junction. The analyst explained that XRP’s all-time high volume weighted average price, or VWAP, continues to act as an overhead resistance for the token, which currently resides just above $2.80. 🧐

So, breaking above $2.80 and closing a daily position is the first hurdle for XRP before it can dream of reaching a new all-time high or revisiting its current ATH at $3.40. What a thrilling adventure this is! 🎠

Read More

2025-02-20 23:30