XRP has fallen by 3% in the past 24 hours, slipping down to $2.36 as the market continues to stutter in the face of concerns about global trade.
XRP is now down by 23% in the past week, although it remains one of the best-performing major tokens of the past year, and has some very positive long-term price predictions.
And its moves today come as Bitwise, 21Shares, WisdomTree and Canary all submit 19b-4 filings to launch their own XRP ETFs, giving the SEC – if it acknowledges receipt of the filings – 240 days in which to either approve or deny the funds.
Assuming the regulator does give its approval, these ETFs could see the XRP price balloon to new highs later in the year, as institutions begin to plow into the coin.
XRP Price Analysis – Where is XRP Heading Now?
The filings from the four firms mean that there are now nine outstanding applications for XRP ETFs, with Grayscale, CoinShares, and ProShares having submitted earlier filings.
This is bullish because it indicates a belief on the part of the applicants that there’s real market demand for XRP ETFs, and that institutions would could come to buy shares in such funds in the event of listings.
And given the recent change in political climate in the US, there’s a much greater chance of most or all of these applications gaining approval.
Indeed, the past week has seen the SEC approve Bitwise’s joint Bitcoin and Ethereum ETF, underlining the more liberal approach the regulator seems to have taken towards cryptocurrencies in recent months.
This bodes well for the would-be XRP ETFs above, which may do for the alt’s price what Bitcoin’s ETFs did for its price back in January of last year.
But for now, XRP remains in an uncertain mood, with its chart today showing some signs that the coin should be rebounding soon.
Source: TradingViewIts 30-period moving average (orange) fell below the 200-period average (blue) a few days ago, signaling an incoming selloff but also indicating that a bottom isn’t far away.
With XRP’s RSI (purple) also bottoming on February 3, the coin’s price could return to $2.50 in the next week or so.
It will then return to $3 during Q2, with positive ETF news sending it higher.
New Altcoins Bring High Potential for Market-Beating Gains
XRP could explode if its ETFs gain approval, yet it may continue to seesaw over the coming weeks, as the market comes to terms with the ensuing trade conflict between the US and some of its trading partners.
However, one way of circumventing negativity is to diversify into new coins that will list for the first time soon and, therefore, potentially make big gains.
And one of the most exciting new coins about to list is Solaxy (SOLX), a Solana-based token which has now raised $18.4 million in its popular ICO.
Solaxy is about to launch Solana’s first-ever layer-two network, which will help Solana users avoid common issues such as failed transactions, network congestion and outages.
Its L2 will also provide very low fees, very fast transactions and instant bridging between itself and Solana, as well as other chains.
SOLX will function as Solaxy’s native token and will be used for transaction fees, potentially driving high demand.
Investors interested in taking part in the sale can do so through its official website, where SOLX is currently priced at $0.001628.
This price will rise again in less than 48 hours, so investors should act before it’s too late.
The post Four XRP ETF Filings Hit the SEC – Will This Push XRP to New All-Time Highs? appeared first on Cryptonews.
