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Cryptocurrency analyst and trader Ali Martinez, who is a frequent X platform (formerly Twitter) user, has shared some fresh on-chain data about the third-largest coin, XRP, and its future short-term prospects.
Martinez has hinted that basically the XRP price may face a green light soon on its way up. He also revealed a key XRP support level to watch for traders.
Key XRP support zone to watch
Ali shared a chart provided by Glassnode, which shows XRP UTXO (Unspent Transaction Output) distribution patterns. Based on this chart, Martinez concluded that there are no any significant resistance clusters for XRP on its way upward. This indicates a potential upward movement provided that buying pressure on the market remains and strengthens.
Martinez defined a key support level to watch for XRP traders as the one sitting on the $2.38 mark. Should XRP go down, this level would act as a secure floor preventing a further decline. At this level, buyers could step in based on the historical UTXO (Unspent Transaction Output) distribution patterns shown on the chart.
Is BlackRock to launch XRP ETF soon?
As reported by U.Today earlier, BlackRock requested a meeting with the SEC’s Crypto Task Force and the request was granted. During the meeting, the two teams discussed strategic areas of further reshaping the regulatory future of the cryptocurrency space in the U.S.
One of the topics they discussed was the possible integration of staking into exchange-traded products, including ETFs, as well as other key issues about tokenizing traditional securities and assets.
Meetings like this indicate a new and higher level of collaboration between crypto companies, financial institutions and regulators in the United States than before. Potentially, this signifies a higher level of institutional involvement in this space in the near future. A memo released by the SEC includes updates on BlackRock iShares’ recent products, spot Bitcoin and Ethereum ETFs: IBIT and ETHA, as well as on the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
Also, this meeting between BlackRock and the SEC Crypto Task Force revived speculations about whether BlackRock will launch an XRP ETF after all. Recently, BlackRock refuted rumors about it preparing to launch an ETF based on the XRP price, saying that the company intends to continue prioritizing its ETFs powered by Bitcoin and Ethereum.
Vladislav Sopov
Dan Burgin