There has been a lot of news about XRP these past few days, from Bitwise's XRP ETF application, support from a major Turkish bank, to the unlocking of 1 billion XRP tokens. How does this affect the price of XRP? Here's the explanation.
There is various news about XRP at the moment, starting from the routine token unlock at the beginning of every month, support from large Turkish banks, to updates to the XRP ETF. However, of these three pieces of news that should be encouraging, XRP price decreased.
How could this happen? Is this decline significant enough and could it affect the price of XRP in the future?
XRP News This Week: from Delaware to Dubai
Good news for XRP token holders. The reason is, at the end of last September, the second largest bank in Türkiye officially provided support for XRP. The bank is called Garanti BBVA.
Since this news dropped, various predictions regarding the price of Ripple XRP have occurred. EGRAG, a leading crypto analyst, predicts that the price of XRP could rise up to 10,000% with a possible decline of only 72%.
In addition to support from major Turkish banks, on October 1, Ripple also received principal financial services license approval in Dubai. That way, Ripple can more easily offer crypto payment services in the UAE area.
On the same date, as a routine ritual that XRP usually carries out, a large number of tokens were unlocked. XRP unlocked 1,000,000,000 tokens with a value of more than $560 million.
In terms of the XRP ETF, which has attracted attention since the first news appeared, now there have also been developments. Bitwise has officially stated in the filing of an XRP ETF application in the state of Delaware. This application was leaked to the media when the Delaware State Division of Corporations website listed this application on September 30.
Current XRP Price Chart
With the various good news about XRP above, the price of XRP has decreased. Currently, XRP is trading at $0.6019 with a trade of 4.01%. However, in the last 24 hours, XRP touched its highest price, namely $0.6342.
Further analysis according to the image in the XRP price chart taken from the Bitrue market above, currently the RSI value of
With a greater buying trend, it is only natural that the price of XRP experiences a decline. The MACD indicator also explains things in harmony as the descending line crosses the boundary line. If it goes down further, an XRP bearish trend will occur.
Conclusion
What do you think? Will the Ripple ETF's journey be smoother than the BTC ETF and ETH ETF which are full of twists and turns? And can the XRP price stabilize and then touch the resistance price?
You can get various latest XRP news updates by accessing the Bitrue website. At Bitrue, you can even get access to various features so you can do in-depth research and get further consideration when you want to buy XRP tokens.
You can even check prices XRP to USD on the Bitrue website. That way, you don't need to change websites because Bitrue has many features that you can use for free!
About Bitrue
This press release has also been published on VRITIMES
Ross is known as the Pambansang Blogger ng Pilipinas - An Information and Communication Technology (ICT) Professional by profession and a Social Media Evangelist by heart.
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