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Today is an important day for Ripple’s international XRP, as the company’s ongoing battle with the SEC has finally come to fruition and is in favor of Ripple. This has created massive buzz among the community members who have been waiting for this moment for a long period of time, as many believe that Ripple’s XRP has the most potential in terms of becoming the next big project after Bitcoin. Many investors and traders are now asking themselves what is next for XRP, how much of a multiplier can one really expect, and more importantly, if there is any value in HODLing.
Background
The most significant setback for Ripple’s XRP has finally come to an end, as the SEC’s case has been resolved, and the decision has largely favored Ripple’s XRP over the SEC. The court fined Ripple just $125 million for institutional sales, and deemed crypto exchange transactions legal. Following the court ruling, the XRP’s volume exploded as the price surged over 27%, and most of the volume came from its favorite market, South Korea. The trading volume for Upbit surged $725 million in 24 hours, which is nearly 14% of global XRP volume. To put things in context, Bitcoin’s trading volume on Upbit was $322 million.
A Future XRP ETF
What investors and traders are most excited about is that now there is a strong possibility that we will see increased momentum in potential XRP ETFs coming to the market by major market players such as BlackRock and others. Some of the big boys have already launched Ethereum’s ETF—the second biggest coin by market cap. Now that the court case is behind Ripple and many believe the current penalty is merely a slap on the hand, the future is much brighter for XRP as a new ETF will enter the market, encouraging many traders who were previously left out to participate.
However, the counterargument posits that the price momentum Ethereum experienced following the release of its ETF, both prior to and during the ETF launch, did not propel the price action to its peak. In fact, the price didn’t even flirt with those levels, and now the same concerns persist here as well. An important factor to consider in the crypto market is that the price action of major coins typically follows a predictable pattern. This implies that XRP could potentially follow a similar trajectory, and investors may experience significant disappointment if the price fails to reach its peak, given the prolonged impact of the SEC’s legal action.
Will the XRP Price Continue to Move Higher?
First of all, it’s important to note that the past 24 hours have been particularly interesting for high frequency and algo traders who have made the most of the trading VPS, which largely ensures that there is no unwanted slippage for their execution and that their algo trading is profitable.
From a technical price perspective, many traders believe that the most important price level for the XRP to break is the $1 price mark, as that would really bring a huge interest for the XRP price. Most traders are still sceptical for the price to reach its all-time high of approx. $3.25, but one should never underestimate the power of the XRP community. On the weekly time frame, the XRP price has moved above the 50-week simple moving average, which is highly positive for the XRP price. I believe that if the price continues to trade above the 50-week SMA, we are likely to see much bigger moves for the XRP, and the journey to the $1 mark would be much easier.
Interesting Related Article: “What are the Signs a New Cryptocurrency is Legit?“