XRP Price Prediction Amid April 2024 XRP ETF Rumours: An Imminent Rally?

On a day when the cryptocurrency market as a whole rose 5%, the price of XRP rose 2%, reaching $0.5669.

Although the altcoin has gained 61% in the past year, XRP is still down 11% in the past week and 13% in the last 30 days, despite this climb.

Reports indicate that companies may start applying for XRP-based exchange-traded funds (ETF), which means the coin might experience significant increases in the next months, especially after the Ripple-SEC process is finalised.

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XRP Price Prediction Amid April 2024 XRP ETF Rumours: An Imminent Rally?

After a few weeks of decline, XRP is currently in a position to make a proper upward correction.

Overselling was indicated by its plummeting purple relative strength index, which had dropped to over 30 earlier in the week.

Now that it’s back above 40, the future of XRP’s ascent beyond this level is unclear, making it difficult to predict if today’s gains will extend.

Similarly, the 30-day average (yellow) of the coin is heading downwards towards the 200-day average (blue), and it’s probable that it will eventually go below the longer term average, creating a “death cross” that could lead to more losses.

The fact that XRP’s trading volume is still above $1.5 billion is encouraging, since it shows that people are still interested in the coin. This is one of the few positive aspects.

The majority of whales appear to be more interested in selling XRP than buying it at the moment, thus its price may continue to decline for some time.

The deadline for several applications is tomorrow (January 10), so everything could alter if the SEC authorises a Bitcoin ETF or ETFs.

Consequently, XRP and all the other main tokens could see a significant increase in value when the market experiences a sudden and dramatic surge.

A number of funds are reportedly planning to apply to start XRP-based ETFs in April, thus XRP could gain more than other cryptocurrencies from ETF approvals.

In April, Ripple is expected to reach a full settlement with the SEC, allowing it to develop its business more aggressively, according to analysts.

Part of this plan is to launch its own initial coin offering (IPO), which will be good for business and, by implication, XRP value.

If exchange-traded fund (ETF) approvals and settlements go as planned, XRP might hit $3 by year’s end and then bounce back to $1 over the next few months.