XRP Price Prediction as Rumors Emerge of XRP ETF in April 2024 – Rally Imminent?
The XRP price has risen by 2% in the past 24 hours, hitting $0.5669 on a day when the wider cryptocurrency market has gained by 5%.
Despite this rise, XRP remains down by 11% in the past week and by 13% in the last 30 days, although the altcoin has gained by 61% in the past year.
And with reports suggesting that firms may begin submitting applications for XRP-based exchange-traded funds (ETF), the coin could see substantial gains in the next few months, particularly when the Ripple-SEC reaches its full and final conclusion.
XRP has been suffering for several weeks now, putting it in a position where it should really correct upwards.
Its relative strength index (purple) had fallen to nearly 30 earlier in the week, a sign of overselling.
It has now risen back above 40, although its progress beyond this level seems uncertain, so it’s hard to say whether XRP can continue today’s rise.
Likewise, the coin’s 30-day average (yellow) continues to slide down towards its 200-day (blue), and it’s likely that it will fall below the longer term average, forming a ‘death cross’ that could spell additional losses.
One of the few positives is that XRP’s trading volume remains relatively high, at just over $1.5 billion, a sign that interest in the coin remains strong.
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