The XRP price remains steady at $0.5298, showing a minor 0.2% increase over the past 24 hours, while the broader cryptocurrency market experiences a 1% decline. Despite this small uptick, XRP has dropped 12% over the last week and 0.5% over the past month.
However, the long-term outlook for XRP appears more optimistic, as Canary Capital has just filed for a spot-based XRP ETF, following Bitwise’s lead. While the SEC’s recent appeal against Ripple raises uncertainty, the growing interest in XRP-related exchange-traded funds suggests that the coin’s market could experience significant growth once the legal situation is resolved.
Short-Term Outlook: Is a Rebound on the Horizon?
Despite the ongoing downtrend, XRP’s rising support and resistance levels indicate that this negative trend may not last much longer. The cryptocurrency could start to recover when its relative strength index (RSI) approaches 30, signaling a potential bounce-back.
Additionally, XRP’s 30-period moving average is nearing a bottom against its 200-period average, another sign that a recovery could be imminent. The coin’s trading volume remains stable at around $1 billion, though large holders, or “whales,” appear to be offloading XRP at present.
Long-Term Optimism: Canary Capital’s ETF Filing
Despite the near-term challenges, XRP’s long-term prospects are more promising. Canary Capital’s recent ETF filing signals growing demand for XRP, with founder Steven McClurg anticipating a more favorable regulatory environment. This suggests that major players in the crypto market don’t believe the SEC’s appeal will significantly impact XRP’s legal standing.
Legal experts like Jeremy Hogan have pointed out that the SEC’s appeal may not change the previous ruling that XRP is not a security. Even if the appeal were successful, Hogan expects only a financial penalty for Ripple, further supporting the idea that XRP’s future remains bright.
With the cryptocurrency market recovering from recent setbacks, XRP could potentially reach $0.60 by the end of October.
Exploring Emerging Small-Cap Altcoins
While XRP holders may need to adopt a long-term strategy, many traders are turning to emerging altcoins for quicker returns. One such option is Crypto All-Stars (STARS), a new ERC-20 token that has already raised over $2 million in its presale.
Crypto All-Stars introduces the innovative “MemeVault,” a protocol allowing holders of meme tokens to stake their assets. Utilizing the ERC-1155 multi-token standard, this platform supports tokenizing coins from various blockchains, giving STARS a larger addressable market.
As the STARS presale progresses, investors can purchase 1 STARS for $0.0014887, with prices expected to rise soon. Given its early popularity, STARS could see a strong performance once it lists on exchanges.
The post XRP Price Forecast: Canary Capital Files for Spot XRP ETF with SEC — Will This Fuel a Price Rally? appeared first on Cryptonews.
