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Last updated:
January 11, 2024 12:38 EST
| 3 min read
The XRP (XRP) price predictions remain bearish in the short term as spot Bitcoin ETFs go live in major US financial markets.
The XRP price was last around $0.60, roughly flat on the day.
The cryptocurrency earlier found strong resistance at its 21 and 50DMAs, which reside at $0.6060 and $0.6160 respectively.
XRP (XRP) Price Chart / Source: TradingView
The XRP price’s failure to push higher comes as Bitcoin (BTC) reverses back from the new more than two-year highs it hit earlier in the day above $49,000.
BTC was last trading around $46,000 as it succumbs to profit-taking, despite strong first-day spot Bitcoin ETF trading volumes.
XRP Price Prediction – Will XRP Get an ETF Next?
The XRP price is also finding strong resistance below a downtrend that has been in play since last November.
XRP (XRP) Price Chart / Source: TradingView
The fact that the XRP price has found resistance at this downtrend and its 21/50DMAs suggests technical confirmation of the downtrend that began in early 2024, when XRP initially broke to the south of a pennant structure it had formed.
XRP (XRP) Price Chart / Source: TradingView
Chart analysis suggests that a retest of January lows just above $0.50 is a possibility in the weeks ahead.
Of course, medium-term risks to the broader cryptocurrency market remain tilted heavily towards more upside in 2024.
New spot Bitcoin ETFs will add major new long-term buy pressure to the Bitcoin market this year at a time when the BTC issuance rate is about to half, which will reduce miner sell pressure.
Macro will also likely be a tailwind in 2024, though the timeline of expected Fed rate cuts remains unclear.
The latest US Consumer Price Index (CPI) figures were a little hotter than expected, throwing expectations for a March cut into doubt.
We are also seeing Ether (ETH) pump on optimism that a spot Ethereum ETF will gain approval by May.
All of these tailwinds could easily bleed over to XRP, supporting its price.
And XRP may also benefit from its own tailwinds.
These include the potential for Ripple to secure a lasting victory in its ongoing lawsuit with the US SEC.
And while XRP won’t be the next crypto to get a US ETF, one could be coming soon.
Analysts deem the SEC’s approval of Bitcoin ETFs opens the door for other cryptos to also get their own ETFs.
If Ripple can secure a clear legal victory over the SEC that clears up uncertainty around XRP potentially being a security, major ETF providers would likely quickly file to set up XRP ETFs.
With Bitcoin odds on to more than 2x to hit $100,000 this year, an XRP can surge back above $1.0.
Altcoin to Consider – Bitcoin ETF Token ($BTCETF)
XRP and Bitcoin both offer strong upside potential.
But a newly launched altcoin called Bitcoin ETF Token ($BTCETF) could perform even better in 2024.
The altcoin is designed to offer traders upside exposure to when various milestones related to the launch of spot Bitcoin ETFs are hit via tweaks to its transaction tax and via a burn mechanism.
The next two relevant milestones include: spot Bitcoin ETF assets under management exceeding $1 billion and the Bitcoin price closing above $100,000.
BTCETF backers tout it as an asymmetric opportunity. They believe SEC approval could easily spur a doubling or tripling of Bitcoin prices in 2024.
Meanwhile, BTCETF theoretically has room to surge 10x from its current $12.45 million market cap, according to crypto analyst ClayBro.
Check out Bitcoin ETF Token on DEXTools.
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