XRP prices have been struggling to gain momentum over the last few weeks, and have consolidated within a narrow range. Despite speculation excitement about the potential approval of the Spot XRP ETF, Altcoin continues to face short-term bearishness.
Strong speculations about XRP’s ETF approval are hidden by adverse market conditions.
XRP indirectly proves SEC support
The approval odds for the Spot XRP ETF are gaining attention, increasing to 89% of Polymarket. XRP enthusiasts point to an increasing institutional demand as an important factor for final approval. However, while many expected approval by the end of July, Polymarket’s odds have recently dropped to 17%.
Nevertheless, positive news has been approved by the SEC to be converted to spot ETFs along with Grayscale’s digital large cap fund (GDLC), which includes XRPs from Bitcoin, Ethereum, Cardano and Solana. XRP is not yet directly approved for its own ETF, but indirect approval by the GDLC is taking a step forward.
Despite the growing likelihood of speculative ETFs, XRP’s short-term outlook is clouded by market volatility. The inconsistent behavior of XRP investors is characterized by the frequent vibrations of changes in net exchange positions between the positive and negative zones.
As sales tend to take over quickly, the accumulation attacks had a very short lifespan. This indicates a lack of certainty, with investors cashing out shortly after accumulating XRP. Furthermore, this frequent shift has made XRP prices a hit.
XRP pricing faces challenges in ensuring support
XRP prices showed volatility throughout June, but wider market trends allowed Altcoin to be integrated at the $2.32 level. Attempts to break this level have failed, and resistance remains firmly in place. Given the continued uncertainty in the market, XRP may continue to face challenges in ensuring a clear bullish trend.
The XRP price can support a 50-day EMA twice, indicating that there is no sustained bullish momentum. Due to frequent buying and selling behaviors by investors, XRP was unable to provide permanent profits. With resistance of $2.27, it seems unlikely that XRP will exceed this level without increasing market stability.
If sales pressure continues to be dominated, XRP could fall below the $2.13 support level. A further decline to $2.02 will invalidate bullish papers and push XRP into a deeper downtrend. XRP’s short-term outlook remains unknown until a more stable market environment and a clearer bull signal emerges.
Disclaimer
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