Crypto analyst Crypto Egrag has made a bullish prediction about the future of the XRP price, suggesting that the cryptocurrency could soon rise to three figures. He has identified several key price levels that XRP could reach on its journey to hitting $220, including $1.2, $2.2, $5.8, $11, and $33.
According to Egrag’s analysis of the Fibonacci levels, the $220 price level is a potential target for XRP this year. He has also suggested that this price movement will be parabolic, likening it to a Gamma-Ray Burst (GRB) event. This could mirror a similar move to the one XRP made in 2017 when it surged by 61,000%.
Egrag has also provided insights into when the XRP bull run could start. He has highlighted the 12 and 24 SMA (simple moving average) as a clear signal. Once a bullish cross occurs over these averages, the bull run could happen almost one month later.
Meanwhile, talks about an XRP ETF are gaining steam. Valkyrie’s Chief Investment Officer (CIO), Steven McClurg, recently hinted in an interview that an XRP ETF could launch at some point. This follows his suggestion that the imminent approval of the Spot Bitcoin ETFs could pave the way for other ETF filings that revolve around tokens like XRP and Ethereum.
However, there are differing views on whether the Securities and Exchange Commission (SEC) will approve a single-product XRP Spot ETF. Some stakeholders believe that the XRP token will be included in future funds, especially considering its regulatory clarity. They also point to Grayscale’s decision to reintegrate the token into the Grayscale Digital Large Cap (GDLC) Fund as a positive sign of an XRP ETF happening soon.
On the other hand, some argue that an XRP ETF can only be approved with congressional intervention on crypto regulation or if there is a change of administration. This argument is based on the belief that the SEC’s Chair, Gary Gensler, is unlikely to change his stance on other crypto assets aside from Bitcoin.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Gary Gensler, Crypto Egrag, Steven McClurg, Eleanor Terrett |
| Companies | Forbes, Tradingview.com, Grayscale Digital Large Cap (GDLC) Fund, Valkyrie, Securities and Exchange Commission |
| Currencies | XRP, Shiba Inu, Ethereum, Bitcoin |
| Securities | None |
