Crypto
- XRP could possibly print a new all-time high as a pro-crypto SEC receives XRP ETF applications.
- The altcoin has printed 513.07% in gains in the past year, outperforming altcoins from 10-125.
- The MACD indicator for XRP could confirm a bearish divergence if the bulls do not take over soon.
XRP has kept its price action above the $3 price level, doing better than the majority of its peers during the market’s latest ups and downs. Interestingly, the possibility of the approval of a spot XRP exchange-traded fund (ETF) could push the digital asset to new highs this year.
XRP Market Data
As of writing, per CoinMarketCap:
- Current Price: $3.16
- 24-Hour Change: +0.69%
- Market Capitalization: $181 billion
- Trading Volume (24 hours): $8.92 billion
- 24-Hour Volume Change: +6.32%
- All-Time High: $3.84 (over seven years ago)
- Percent from ATH: -17.75%
Investors expect XRP to benefit significantly under a potentially pro-crypto US administration, considering the fact that it was created in the United States.
Moreover, crypto-friendly Mark Uyeda was named as the acting chair of the Securities and Exchange Commission (SEC), which could mean a green signal for various altcoins ETFs, including spot XRP ETFs. As pointed out by the financial institution JP Morgan, if approved, the US XRP ETFs could attract $3 billion to $8 billion in investment.
Related: CME Leak Hints at XRP, Solana Futures Launch in February
XRP Price Analysis: Where It Stands
The Relative Strength Index (RSI) for XRP shows a value of 64.88, which means that the bulls are overall in control of the digital asset’s price action. The gradient of the line indicates a slight correction after it hit overbought levels.
The MACD indicator remains bullish for XRP as the MACD line remains above the signal line. However, the two lines are very close, which increases the chances of a bearish divergence. The intensity of the MACD histogram is also declining, which isn’t a great sign for XRP.
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