XRP Price Rises Against the Tide! Ripple President Hints at Spot ETF Approval
TradingKey – While the broader cryptocurrency market faced a pullback amid expectations of slower interest rate cuts by the Federal Reserve, XRP defied the trend, surging nearly 3% on Thursday, January 9.
In contrast, Bitcoin, the largest cryptocurrency by market cap, fell over 2%, reflecting the bearish sentiment across the market. However, XRP’s upward momentum has been fueled by speculation that a spot ETF for XRP might be approved soon.
XRP and BTC Price Fluctuations in the Past 24 Hours, Source: CoinMarketCap.
This optimism was sparked on January 7, when Ripple President Monica Long suggested in an interview with Bloomberg that an exchange-traded fund (ETF) tracking XRP could become a reality in the near future.
Despite broader market weakness, XRP has remained resilient, consolidating at high levels. Technical analysis shows that XRP is forming a symmetrical triangle pattern and is approaching its apex, signaling that a significant breakout could be on the horizon.
XRP Price Chart, Source: TradingView.
Moving forward, market participants should closely monitor developments surrounding the potential XRP spot ETF and geopolitical factors, as these are likely to have a direct impact on XRP’s breakout direction.
Related Articles
Should Investors Buy Netflix Stock Before Q4 2024 Earnings?
TradingKey - Streaming content to watch, whether from your TV, smartphone or laptop, has taken off over the past decade. And there’s no bigger player in the streaming space than Netflix Inc (NASDAQ: NFLX).
TSMC Delivers Record High Q4 2024 Profit: Shares Rise 4%
TradingKey - For semiconductor companies, there’s a lot of expectation heading into the latest earnings season as the Artificial Intelligence (AI) hype continues.
U.S. Stocks Surge Wednesday on CPI Data and Strong Bank Earnings
TradingKey - The U.S. stock market rebounded from early January's gloom as core consumer price inflation came in better than expected and some of the largest banks kicked off earnings season on a positive note.
What Impact Will California Wildfires Have on The Stock Market?
TradingKey - Right now in the US, there are ferocious wildfires that are destroying acres of both land and homes in California. Being spread by strong winds, the fires are also heading towards major urban centres, like Los Angeles.
