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Since the U.S. Securities and Exchange Commission (SEC) and Ripple Labs jointly ended their lawsuit, the XRP price has been growing. Following the news, XRP price jumped over 10%, ending its negative run. As of press time, the coin has maintained an 8.32% rally in 24 hours to $3.33.
XRP's growth not enough?
Despite the obvious rally, the XRP chart has shown the coin flashing an unexpected death cross. This outlook is surprising, considering the coin has turned positive in different periods.
While the seven-day growth comes in at 12.8%, the 30-day rally is pegged at 40.13%. However, this trend is not enough to stop a downward cross of the 9-day and 26-day moving averages.
Before the price of XRP flipped into the positive zone, the coin consolidated well below the $2.9 price mark. From XRP whale shifts to open interest data, the expectation of a positive rebound had remained in the community.
The Ripple and SEC lawsuit, however, proved to be the trigger the coin needed. Overall, it has now freed XRP as an end in itself, with the securities tag now finally lifted.
With this new reality for the coin, the question on the market remains whether it can reclaim its all-time high (ATH) of $3.841.
XRP ETF's next catalyst
With the legal status of XRP now defined, analysts are speculating that all hurdles around its spot ETF approval have been removed.
ETF Store President Nate Geraci is convinced that BlackRock will also file for an XRP ETF in the coming months. With the U.S. SEC yet to decide on other altcoin ETFs, the expectation is now higher on the market overall.
While the XRP price is likely to slow down in the coming days, the expectation is that ETF approval will push the price of the coin above the $4 range.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team