Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-ceo-discusses-potential-spot-xrp-etf/" data-wpel-link="internal">Ripple CEO Discusses Potential Spot XRP ETF</a> 
XRP’s price increased by 1.6% in the last 24 hours, reaching $0.477. This rise followed Ripple CEO Monica Long’s speculation about a potential spot XRP ETF. The largest cryptocurrency, Bitcoin (BTC), also supported XRP’s rise with a significant 4.93% increase over the weekend. 
<h2 style="text-align: justify" id="strong-short-term-potential-for-a-7-increase-due-to-etf-speculations-strong">Short-Term Potential for a 7% Increase Due to ETF Speculations</h2> 
Ripple’s XRP gained 0.4% in the last 7 days, indicating an upward trend. The 4-hour chart shows XRP has crossed the 50-day simple moving average (SMA) but is still trading below the 200-day SMA, indicating a bullish trend. XRP’s 14-day relative strength index (RSI) is above the midpoint at 56, suggesting increased bullish momentum and a potential target of $0.5. 
<img fetchpriority="high" decoding="async" class="aligncenter size-full wp-image-366726" src="https://coin-turk.com/wp-content/uploads/2024/07/Ripple-XRP-Altcoin.jpeg" alt="" width="1280" height="565"> 
Despite this positive trend, XRP remains stuck between two ranges (orange and blue). The altcoin has previously attempted to break out of the smaller range (blue) twice and is currently making a third attempt. If XRP surpasses $0.481, it could rise by 7% to exceed the $0.5 threshold. Currently, resistance points for the altcoin are at $0.484, $0.493, and $0.504. In a downside scenario, XRP is expected to find support around $0.466 or at $0.452 and $0.443, respectively. 
<h2 style="text-align: justify" id="strong-bitcoin-s-impact-on-xrp-strong">Bitcoin’s Impact on XRP</h2> 
Bitcoin found strong support at the $60,000 level, rebounding and turning its trend positive. Initially, there were fears that Bitcoin could fall below this key support to $50,000, but the Bitcoin Fear and Greed Index rose from 47 to 53 last week, indicating increased <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> confidence in the largest cryptocurrency. Bitcoin’s price rise is crucial as it also boosts XRP’s price. 
Ripple President Monica Long recently speculated about a possible spot XRP ETF in an interview with The Scoop, suggesting the ETF could come “within a week or two.” This speculation contributed to the bullish sentiment around XRP. Additionally, the ongoing Binance-SEC case has influenced the Ripple-SEC case, providing some clarity on the secondary market sales of cryptocurrencies. Judge Analisa Torres ruled that XRP is not a security, and Judge Amy Berman Jackson rejected the SEC’s claim that BNB’s secondary sales were classified as securities. 
With the spot XRP ETF speculation and favorable legal rulings, XRP shows potential for significant gains against Bitcoin. This outlook likely stems from increasing ETF speculations in the <a href="https://en.coin-turk.com/bitcoin-and-altcoins-plummet-suddenly-whats-happening-in-the-market/" data-wpel-link="internal">cryptocurrency market</a>. Provided general market trends remain stable, the overall expectation is for XRP’s price to move upward in the short term. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/ripple-ceo-discusses-potential-spot-xrp-etf/" data-wpel-link="internal">Ripple CEO Discusses Potential Spot XRP ETF</a></h5>

Ripple CEO Discusses Potential Spot XRP ETF

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