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XRP is currently valued at $0.5120, with a trading volume of $849.4 million over the last 24 hours, making it the seventh-largest cryptocurrency by market capitalization at $29.1 billion. In the past day, XRP has experienced a decline of approximately 1.25%, indicating a cautious market atmosphere.
#XRP Update: Presently at $0.5120 with a 24-hour trading volume of $849.4M, XRP encounters resistance at $0.5200, coinciding with the 50 EMA. Surpassing this threshold could lead to a rise towards $0.5300 and higher. Immediate support is located at $0.5050 if bearish pressure persists. #Crypto #Ripple #XRP pic.twitter.com/mimzoUEYja
— Arslan Ali (@forex_arslan) November 2, 2024
The asset is facing immediate resistance from a descending trendline around the $0.5200 mark, a crucial obstacle that has hindered bullish efforts.
Additionally, the 50-period Exponential Moving Average (EMA) near $0.5200 is contributing to selling pressure, reinforcing the resistance at this price point.
If XRP manages to break through this level, it could open the door for further gains.
Key Price Levels to Monitor
The pivot point for XRP is positioned at $0.5200, aligning with the 50 EMA and trendline resistance. If XRP surpasses this level, it may face the next resistance at $0.5300, followed by $0.5400.
On the other hand, immediate support is found at $0.5050, with additional support levels at $0.4950 and $0.4870 if selling pressure escalates.
Market Sentiment and the SEC’s XRP ETF Proposal
Investment firm 21Shares has recently filed a proposal with the U.S. Securities and Exchange Commission (SEC) to establish a spot XRP exchange-traded fund (ETF), referred to as the “21Shares Core XRP Trust.”
If granted approval, this ETF would offer investors regulated access to XRP, potentially boosting demand.
The application from 21Shares indicates a rising interest in XRP ETFs, following the SEC’s earlier endorsement of spot Bitcoin and Ether ETFs this year.
However, the ongoing legal battle between the SEC and Ripple Labs regarding XRP’s classification as a security introduces an element of uncertainty.
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The regulatory decision may face delays, with some speculating that a potential shift in the SEC’s leadership, possibly influenced by the forthcoming U.S. presidential election, could impact the outlook for XRP ETFs.
A favorable ruling could improve XRP’s market standing and price outlook, particularly if it coincides with broader regulatory clarity.
Conclusion
XRP’s capacity to overcome the significant resistance around $0.5200 will be vital in shaping its short-term direction.
A decisive move above this threshold, potentially driven by regulatory developments, may indicate a resurgence of bullish momentum.
Key Insights:
- Resistance Cluster: The downward trendline and 50 EMA create resistance near $0.5200.
- Potential ETF Approval: The proposal for a 21Shares XRP ETF could enhance XRP demand if it receives approval.
- Election Impact: Regulatory sentiment may evolve after the election, potentially benefiting XRP.
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