The recent news about the SEC granting approval for Bitwise’s new spot crypto ETF, which includes XRP, has caused a stir in the crypto community. However, the excitement was short-lived as the SEC issued a stay order, delaying the launch of the ETF. This decision came as the SEC wanted more time to review the decision at the Commission level, similar to how they have handled other altcoin-related ETFs in the past.
As a result of this uncertainty, XRP’s price experienced a 7% dip, now trading around $3.26. Despite this drop, XRP is showing signs of stability on the lower timeframes, hinting at a potential breakout soon. If XRP manages to break above $3.57 with strong trading volume, it could climb to $3.75 and even reach $4 in the near future. On the other hand, if the price continues to decline, there is a risk of it dropping further to $3.10.
According to Casi Trades, the recent price drop was expected and is following a specific pattern. The next move for XRP could see it reaching around $3.21. This level is crucial as both small and large technical indicators align there. However, if XRP struggles to hold above $3.40, another drop back to $3.20 could be on the horizon before the pattern concludes.
Overall, the uncertainty surrounding the SEC’s decision on the Bitwise ETF has impacted XRP’s price in the short term. Investors are eagerly awaiting the outcome of the SEC’s review to see how it will affect XRP’s future price movements. Stay tuned for more updates on this developing story.