XRP Price Predictions Remain Bearish as Spot Bitcoin ETFs Go Live

Short-Term XRP (XRP) Price Forecast Remains Negative as Major US Financial Markets Launch Spot Bitcoin ETFs. XRP Price Last Seen Near...

With the launch of the Bitcoin ETF, people are now wondering if XRP will be the next to get its own ETF. Let’s predict the future of XRP’s price.

Joel Frank 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. Despite the recent resistance at its moving averages and a downtrend that has been in play since last November, XRP may still have some tailwinds that could support its price.

XRP Price Prediction – Will XRP Get an ETF Next?

The XRP price is currently finding strong resistance below a downtrend that has been in play since last November. The fact that it has found resistance at this downtrend and its 21/50DMAs suggests technical confirmation of the downtrend. Additionally, chart analysis predicts a possible retest of the January lows, just above $0.50, in the weeks ahead. However, it is important to note that 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. With the BTC issuance rate about to half and reduce miner sell pressure, the potential for a bullish market is high. Additionally, the macro environment is likely to be a tailwind in 2024, although the timeline of expected Fed rate cuts remains unclear. These tailwinds could easily bleed over to XRP, supporting its price.

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Furthermore, XRP may benefit from its own tailwinds, including the potential for Ripple to secure a lasting victory in its ongoing lawsuit with the US SEC. While XRP may not be the next crypto to get a US ETF, one could be coming soon. Analysts believe that 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, major ETF providers would likely quickly file to set up XRP ETFs.

With all these factors in mind, it is possible for XRP to surge back above $1.0, especially considering Bitcoin’s potential to reach $100,000 this year.

Altcoin to Consider – Bitcoin ETF Token ($BTCETF)

While XRP and Bitcoin offer strong upside potential, a newly launched altcoin called Bitcoin ETF Token ($BTCETF) could perform even better in 2024. This altcoin is specifically designed to offer traders upside exposure to milestone events related to the launch of spot Bitcoin ETFs. Through tweaks to its transaction tax and via a burn mechanism, BTCETF provides a unique asymmetric opportunity for investors.

The next two relevant milestones for BTCETF include spot Bitcoin ETF assets under management exceeding $1 billion and the Bitcoin price closing above $100,000. Supporters of BTCETF believe that SEC approval could easily spur a doubling or tripling of Bitcoin prices in 2024. Additionally, according to crypto analyst ClayBro, BTCETF theoretically has room to surge 10x from its current $12.45 million market cap.

To learn more about Bitcoin ETF Token, visit DEXTools.

Additional Q&A

Q: What are the potential risks for XRP in the short term?

While XRP may have some tailwinds, there are still potential risks in the short term. The resistance at the downtrend and moving averages suggests a bearish sentiment. Additionally, if Bitcoin experiences a major correction or sell-off, it could also impact the price of XRP.

Q: What are the long-term factors that could drive XRP’s price up?

In the long term, XRP could be positively influenced by the outcome of Ripple’s ongoing lawsuit with the US SEC. If Ripple successfully resolves the legal uncertainty around XRP, it could lead to increased adoption and investor confidence. Furthermore, if other cryptocurrencies secure their own ETFs, it could create more buy pressure and potential investment opportunities for XRP.

Q: What is the unique value proposition of Bitcoin ETF Token ($BTCETF)?

Bitcoin ETF Token ($BTCETF) provides traders with exposure to milestone events related to the launch of spot Bitcoin ETFs. Through strategic adjustments to its transaction tax and a burn mechanism, BTCETF aims to maximize returns during these events. This altcoin offers a unique opportunity for investors looking to take advantage of the potential growth in the Bitcoin market.

Q: What are the milestones that BTCETF is tied to?

BTCETF is closely tied to two key milestones – spot Bitcoin ETF assets under management exceeding $1 billion and the Bitcoin price closing above $100,000. These milestones are significant indicators of the growing acceptance and adoption of Bitcoin in the financial markets. Achieving these milestones could lead to increased investor interest and potentially drive up the price of BTCETF.

Future Outlook and Investment Recommendations

Based on the current market trends and upcoming events, the outlook for XRP and Bitcoin ETF Token ($BTCETF) appears promising. The launch of spot Bitcoin ETFs in major US financial markets will likely generate strong buy pressure and support the overall cryptocurrency market. Additionally, the potential resolution of Ripple’s lawsuit with the US SEC could bring renewed confidence and interest in XRP.

For investors, it is crucial to monitor market developments and key milestones related to spot Bitcoin ETFs. These events could create significant opportunities for growth and potentially lead to substantial returns. However, it is essential to conduct thorough research and consult with financial experts before making any investment decisions.

References

1. Joel Frank – Caused Bitcoin’s 10% Crash: Matrixport and Jim Cramer on Leverage
2. Price Analysis: 15 BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE, DOT, MATIC
3. Bitcoin Adoption Soars: In-Person Vendors Accepting Bitcoin to Triple in 2023
4. Bitcoin Price Prediction: SEC Approves BlackRock’s Spot Bitcoin ETF, $1,000,000 BTC Possible
5. Crypto Index Funds Simplify Investing: The Challenge of Blockchain Ethos
6. 3 Reasons Ethereum (ETH) Price Nearly Broke the $2.5k Resistance This Week
7. VanEck, Wisdom Tree Spot Bitcoin ETF Tickers Secure DTCC Listing, Applicants Await SEC Approval
8. Bitcoin ETF Approval Frenzy Begins: SEC Finally Approves First Spot Bitcoin Funds, Bitcoin Remains Unresponsive

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