- XRP price surged to $0.63 on Binance as Ripple resumed its uptrend.
- Ripple analyst Austin Hilton predicts XRP price to rally to $1.50 on Bitcoint events.
- XRP price remained largely unchanged in the past month as the altcoin suffered a pullback from its monthly high of $0.70.
XRP Ledger’s native token XRP is likely to rally to a peak of $1.50 post the bullish catalysts of 2024. Bitcoin’s upcoming halving event and the much anticipated approval of Spot Bitcoin Exchange Traded Funds (ETF) are lined up for 2024.
The two events are likely to act as catalysts for XRP price according to crypto analyst Austin Hilton.
Also read: XRP price rally to $0.74 likely as crypto market recovers post FOMC meeting
Daily Digest Market Movers: XRP price gains likely to be catalyzed by Bitcoin events in 2024
- According to data from Macroaxis, the thirty-day correlation between XRP and Bitcoin is 0.89. Ripple therefore enjoys a high correlation with Bitcoin and this results in an impact of Bitcoin’s bullish events on XRP.
- Crypto analyst and YouTuber Austin Hilton predicted a massive spike in XRP price, following the halving and the likely approval of Spot Bitcoin ETFs in the first half of 2024.
- Hilton believes XRP price is likely to rally to $1.50 and higher, in response to bullish events in Bitcoin.
- Other catalysts that are likely to influence XRP price are updates in the Securities Exchange Commissions (SEC) lawsuit against Ripple and the payment remittance firm’s plan for an IPO.
- XRP holders await a favorable outcome in the SEC v. Ripple lawsuit as developments in the case have influenced the altcoin’s price in the past two years.
Technical Analysis: XRP price likely to rally higher
XRP price is currently in an uptrend and the altcoin’s price has remained largely unchanged in the past month. After hitting its monthly high of $0.70, XRP price suffered a pullback and the asset is trading at $0.63, at the time of writing.
XRP price is likely to continue making higher highs and higher lows in its rally towards $0.7430, the 61.8% Fib level of the decline from its July 13 top of $0.9403 to August 17 low of $0.4237.
XRP/USDT 1-day chart
A daily candlestick close below$0.6200, could suggest a trend reversal and invalidate the bullish thesis for XRP price.
Crypto ETF FAQs
What is an ETF?
An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.
Is Bitcoin futures ETF approved?
Yes. The first Bitcoin futures ETF in the US was approved by the US Securities & Exchange Commission in October 2021. A total of seven Bitcoin futures ETFs have been approved, with more than 20 still waiting for the regulator’s permission. The SEC says that the cryptocurrency industry is new and subject to manipulation, which is why it has been delaying crypto-related futures ETFs for the last few years.
Is Bitcoin spot ETF approved?
Bitcoin spot ETF has been approved outside the US, but the SEC is yet to approve one in the country. After BlackRock filed for a Bitcoin spot ETF on June 15, the interest surrounding crypto ETFs has been renewed. Grayscale – whose application for a Bitcoin spot ETF was initially rejected by the SEC – got a victory in court, forcing the US regulator to review its proposal again. The SEC’s loss in this lawsuit has fueled hopes that a Bitcoin spot ETF might be approved by the end of the year.
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