Ripple Price Action
The price of Ripple has been static for the previous week, disappointing investors. The price of XRP bounced between $1 (support) and $1.16 (resistance) multiple times, forming a descending triangle.
Nonetheless, due to the compression against the downtrend resistance line, the approaching week offers more intriguing price movement. The anticipation is that price will break away from the blue apex of this formation, signalling a shift in trend.
Until then, XRP will be caught between the resistance and support levels. Due to the MACD moving to the negative side this week, the indicators predict a bearish bias.
However, it is too early to predict that XRP would plummet to lower levels unless the price breaks below the $1 support level.
At the time of writing, XRP is trading at $1.08 down by 2.3% in the last 24 hours.
An XRP based ETF?
The chief executive, while speaking to Fox Business with Charles Gasparino, among other things also spoke about the possibility of having an XRP based ETF.
When asked about the possibility of an XRP ETF in the United States, he simply stated
Garlinghouse, on the other hand, gave an indirect response to the issue rather than explicitly answering it.
The Securities and Exchange Commission (SEC) has finally approved Bitcoin Futures ETFs in the United States. More ETFs of this type are expected to appear in the near future, according to experts.
According to Garlinghouse, because Bitcoin consumes so much energy, prioritising it is incompatible with the SEC Chair’s climate objective. The executive, who has often criticised Bitcoin’s energy use, believes that XRP is 100,000 times more energy efficient than Bitcoin.
Finally, Garlinghouse expressed his dissatisfaction with Gensler’s reticence on Ethereum’s regulatory status. Particularly considering Ether ETFs are expected to be popular once they are legalised.