The XRP (XRP) price predictions remain bearish in the short term as spot Bitcoin ETFs go live in major US financial markets.
The XRP price was last around $0.60, roughly flat on the day.
The cryptocurrency earlier found strong resistance at its 21 and 50DMAs, which reside at $0.6060 and $0.6160 respectively.
The XRP price’s failure to push higher comes as Bitcoin (BTC) reverses back from the new more than two-year highs it hit earlier in the day above $49,000.
BTC was last trading around $46,000 as it succumbs to profit-taking, despite strong first-day spot Bitcoin ETF trading volumes.
The XRP price is also finding strong resistance below a downtrend that has been in play since last November.
The fact that the XRP price has found resistance at this downtrend and its 21/50DMAs suggests technical confirmation of the downtrend that began in early 2024, when XRP initially broke to the south of a pennant structure it had formed.
Chart analysis suggests that a retest of January lows just above $0.50 is a possibility in the weeks ahead.
Of course, medium-term risks to the broader cryptocurrency market remain tilted heavily towards more upside in 2024.
New spot Bitcoin ETFs will add major new long-term buy pressure to the Bitcoin market this year at a time when the BTC issuance rate is about to half, which will reduce miner sell pressure.
Macro will also likely be a tailwind in 2024, though the timeline of expected Fed rate cuts remains unclear.
The latest US Consumer Price Index (CPI) figures were a little hotter than expected, throwing expectations for a March cut into doubt.
We are also seeing Ether (ETH) pump on optimism that a spot Ethereum ETF will gain approval by May.
All of these tailwinds could easily bleed over to XRP,
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