XRP Price Forecast: $4.5 Billion Fund Manager Bitwise Files for XRP ETF – Can XRP Reach $100?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The XRP price has plummeted by 11% in 24 hours, with its drop to $0.5219 coming after the SEC filed a notice of appeal in its long-running legal battle with Ripple.
XRP is now down by 11% in a week and by 8% in a month, with the SEC’s move yesterday coinciding with a negative market reaction to escalation in the Middle East.
However, it also coincided with Bitwise filing to register an XRP ETF trust in Delaware, something which raises hopes that the XRP price could surge once its ongoing legal issues end.
The fall today means that the XRP price has entered oversold territory, which under normal circumstances would indicate an incoming rebound.
Its indicators have certainly neared a bottom, with its relative strength index (purple) falling below 30 earlier this morning.
Likewise, XRP’s 30-period moving average (orange) has dropped well below the 200-period (blue), again highlighting how the coin is firmly in oversold territory.
This means that XRP is trading at a steep discount and should recover soon, although traders may need to wait for the dust to settle on the SEC’s appeal notice before things improve.
Some legal experts, including longtime XRP fan Jeremy Hogan, have already argued that the SEC has made a mistake, and is unlikely to succeed.
Hogan even suggested that, even if the SEC is successful with an appeal, it won’t change XRP’s legal status, meaning that exchanges will continue to list it.
Such commentary puts the news of Bitwise’s ETF filing in a more positive context, suggesting that it may be only a matter of time
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