• XRP price stalls at the psychologically important $2.  
  • Coinshares launches XRP exchange-traded product.
  • Securities and Exchange Commission (SEC) war on Ripple losing basis.

XRP has climbed over 360% over the last five weeks, from the low to its high, and is on pace to close with the second-best month since inception with a current gain of 200%, and it is up over 700% from the lowest price level this year. With all the euphoria that has followed the price action and the underlying deterioration in the SEC case against Ripple, it is easy to overlook the charts. Still, they are arguing for at least a short-term consolidation.

XRP price supported by multiple large transfers of the coin

Coinshares, a digital investment firm, announced yesterday that it would launch an exchange-traded product (ETP) following the performance of XRP. The new product will be listed on the government-regulated SIX Swiss Exchange and will be physically backed as each unit will be worth 40 tokens at the beginning. The ETP will carry a total expense ratio of 1.50%, and the base currency will be the USD.

It is a bullish statement by Coinshares considering the lingering legal battle with the SEC. This once again shows that Ripple resonates with companies and investors outside of the United States. Townsend Lansing, head of ETPs at CoinShares, concurs when he remarked, “once we determine that a professional-caliber product is feasible, and it appears that demand exits to make a liquid market for trading the product, we bring the product to fruition.”

At today’s high, Ripple’s daily chart is showing that the Relative Strength Index (RSI) did not confirm price, creating a mild bearish momentum divergence. On a weekly basis, the RSI is near the reading registered at the November 2020 highs.

If the weakness today evolves into a consolidation or even a correction, it should garner heavy support at the 38.2% retracement of the rally beginning on April 1 at $1.42. Weakness below that level would dampen the bullish outlook and delay a successful break of $2 into May or later.

XRP/USD 12-hour chart

XRP/USD 12-hour chart

As noted, $2 will be an obstacle just like $1, but with the 61.8% retracement in close vicinity at $2.08, it may prove more challenging. The next upside target is the 78.6% retracement at $2.62.


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation

Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s  imminent exit.

More Cryptocurrencies News
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout

The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.

More Crypto News
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment

Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.

More Cardano news
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP