Crypto fans have caught on to something that is seeming to puzzle everyone – did you notice?
XRP, an important player, is missing something others have – a spot exchange-traded fund (ETF). Yassin Mobarak, a crypto expert from Dizer Capital, recently pointed out this missing piece, leaving us curious to understand more about it.
In a crypto world full of spot exchange-traded funds (ETFs) for big players like Bitcoin (BTC) and Ethereum (ETH), XRP stands out without one. Even though XRP has legal clarity, making it different from BTC and ETH, there’s no spot ETF application, and this has experts like Yassin Mobarak scratching their heads.
Let’s talk about what’s been happening with XRP in the market lately. After a drop from $0.74 earlier this month, it went below the support level of $0.67 by November 9. This suggests that investors who got XRP at lower prices might be selling to make some money. But the 20-day Exponential Moving Average (EMA) at $0.60 and the positive Relative Strength Index (RSI) say that the buyers, or the bulls, still have an advantage.
Also Read: XRP to the Moon! Expert Predicts Major Price Surge in 72 Hours
If XRP goes back up from the 20-day EMA, it could mean a continued positive feeling, with investors seeing drops as chances to buy. This might push XRP to break the $0.78 resistance and reach higher levels like $0.90 or even $1.1. On the other hand, if it falls below the 20-day EMA, the positive feeling might weaken, possibly leading to more corrections to the next support level at $0.55. Right now, XRP is worth $0.67.
Traders are being careful, thinking there might be a temporary step back because the Relative Strength Index (RSI) is showing signs of being overbought. Despite this, XRP’s price might keep going up, especially with Ripple, the company behind XRP, expanding its cross-border payment solutions, which could make XRP even more valuable.
Read More: XRP Price November Surge: A Deja Vu from 2017? Will History Repeat Itself in 2023?
As everyone watches closely, the question of what’s next for XRP’s ETF journey is a mystery that’s keeping us all curious.
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