With a 24-hour trading volume of $849.4 million and a price of $0.5120, XRP is currently the seventh-largest cryptocurrency by market capitalization, with $29.1 billion. XRP has dropped by about 1.25% in the last day, which is indicative of a cautious market attitude.
📉 #XRP Update: Currently at $0.5120 with a 24-hour trading volume of $849.4M, XRP faces resistance at $0.5200, aligning with the 50 EMA. Breaking this level could push it to $0.5300 and beyond. Immediate support at $0.5050 if bearish pressure continues. #Crypto #Ripple #XRP pic.twitter.com/mimzoUEYja
— Arslan Ali (@forex_arslan) November 2, 2024
An important barrier that has restrained bullish attempts is a downward trendline at about the $0.5200 level, which provides immediate resistance to the asset.
Additionally, selling pressure is being added by the 50-period Exponential Moving Average (EMA) close to $0.5200, which is fortifying the resistance at this price point.
It might open the door to more gains if XRP rises above this.
Key Price Levels to Watch
The pivot point for XRP sits at $0.5200, aligning with the 50 EMA and trendline resistance. Should XRP breach this level, it could encounter the next resistance at $0.5300, followed by $0.5400.
On the other hand, if selling pressure increases, there is additional support at $0.4950 and $0.4870 in addition to the immediate support at $0.5050.
Market Sentiment and the SEC’s XRP ETF Proposal
The U.S. Securities and Exchange Commission (SEC) recently received a proposal from investment firm 21Shares to introduce a spot XRP exchange-traded fund (ETF) called the “21Shares Core XRP Trust.”
This ETF could boost demand by giving investors regulated exposure to XRP if it is approved.
After the SEC approved spot Bitcoin and Ether ETFs earlier this year, 21Shares’ application shows that interest in XRP ETFs is increasing.
Uncertainty is increased by the SEC’s ongoing legal battle with Ripple Labs regarding XRP’s securities classification.
Some speculate that a possible shift in the SEC’s leadership, perhaps impacted by the impending U.S. presidential election, could impact the outlook for XRP ETFs and cause the regulatory decision to be postponed.
A positive ruling might improve XRP’s price prospects and market positioning, particularly if it is consistent with more comprehensive regulatory clarity.
Conclusion
The short-term trajectory of XRP will be determined by its capacity to overcome the critical resistance level, which is located around $0.5200.
Rekindled bullish momentum could be indicated by a significant move above this level, possibly sparked by regulatory news.
Key Insights:
- Resistance Cluster: Downward trendline and 50 EMA provide resistance near $0.5200.
- Potential ETF Approval: 21Shares’ XRP ETF proposal could boost XRP demand if approved.
- Election Impact: Regulatory sentiment may shift post-election, potentially favoring XRP.
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