XRP is priced at $0.5120, with a 24-hour trading volume of $849.4 million, positioning it as the seventh-largest cryptocurrency by market cap at $29.1 billion. Over the past 24 hours, XRP has declined by around 1.25%, reflecting a cautious market sentiment.
#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
The asset faces immediate resistance from a downward trendline at around the $0.5200 level, a significant barrier that has kept bullish attempts in check.
Moreover, the 50-period Exponential Moving Average (EMA) near $0.5200 is adding selling pressure, strengthening the resistance at this price level.
If XRP breaks above this, it could pave the way toward further gains.
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.
Conversely, immediate support lies at $0.5050, with further support at $0.4950 and $0.4870 if selling pressure intensifies.
Market Sentiment and the SEC’s XRP ETF Proposal
Investment firm 21Shares recently submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to launch a spot XRP exchange-traded fund (ETF), known as the “21Shares Core XRP Trust.”
If approved, this ETF would provide investors with regulated exposure to XRP, potentially increasing demand.
21Shares’ application reflects growing interest in XRP ETFs, following the SEC’s approval of spot Bitcoin and Ether ETFs earlier this year.
However, the SEC’s ongoing legal dispute with Ripple Labs over XRP’s classification as a security adds uncertainty.
The regulatory decision could be delayed, with some speculating that a potential change in the SEC’s leadership, possibly influenced by the upcoming U.S. presidential election, could affect the outlook for XRP ETFs.
A favorable decision could enhance XRP’s market positioning and price prospects, especially if it aligns with broader regulatory clarity.
Conclusion
XRP’s ability to break through the critical resistance around $0.5200 will be crucial in determining its near-term trajectory.
A strong move above this level, potentially catalyzed by regulatory news, may signal renewed bullish momentum.
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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