Altcoin investors who bought XRP 12 months ago are currently much better off with their Ripple bags. The asset has traded over 330% higher this year to start May, and this is why it could go even higher.
The buyer has money for XRP.
Even the cryptocurrency traders who bought XRP on New Year's Eve, just before the peak of the cryptocurrency bull run in January, saw an increase of about 5% at the beginning of the month.
However, Ripple's primary payment coin did not perform as successfully as Bitcoin during the recovery in April. As May began, XRP increased by 4% over the month, while BTC rose by 13.5%.
However, XRP is not as bad as Ethereum in April, its largest competitor, with ETH declining by about 3% in the month's trading. Here are four new signals for May indicating that the price of Ripple could be around spring.
Inverted head and shoulders bullish pattern for XRP
Ripple has a strong price increase chart shown on the price chart in April. This means that buyers can get a quick boost for their exchange rate overnight.
The famous cryptocurrency chart technical analyst Ali Martinez wrote in a post on April 28 that the price of XRP "seems to be breaking out of the inverted head and shoulders pattern."
Ali Charts, when using X, identified the potential target range for Ripple's price to increase from $2.70 to $2.90. This figure could rise by more than 30% compared to early May.
Although this may seem impressive by stock market standards, this performance is not unusual for many altcoins like XRP.
2. Eric Trump criticizes SWIFT, banks 'could go extinct'
The cryptocurrency-friendly Republican group has just invigorated the Ripple community with recent comments from President Donald Trump's son, Eric Trump.
In an interview with Dan Murphy of CNBC in the UAE, young Trump strongly criticized the traditional financial system.
He analyzed the global SWIFT payment system and realistically stated that banks "could go extinct" within a few years due to cryptocurrencies like Bitcoin and XRP.
"SWIFT is a real disaster. Not a week goes by that I don’t try to send a wire on Friday afternoon or receive one on Friday afternoon, and you worry if you will make it to the cutoff time at 4 PM, when you might not see any funds that you are supposed to receive in the normal course of business for another 72 hours."
SWIFT may be the biggest competitor to Ripple in terms of market share for its XRP tokens. If Ripple can capture just a small portion of the trillion-dollar volume of the old system, the trading market may reward its payment currency.
3. XRP futures ETF approved, what is next for spot?
In the last week of April, Bloomberg's senior ETF analyst, Eric Balchunas, posted an update on the odds from the Bloomberg Intelligence group that the SEC would approve several different cryptocurrency ETF applications this year. He stated that there is a "high likelihood" that all applications will take place in 2025.
According to Bloomberg's viewpoint, the approval rate for XRP has risen to 85% in the latest ETF approval forecast from the SEC. The increasing momentum towards trading in Wall Street-managed funds is a price-driving force for XRP.
When Bitcoin is launched on a series of ETFs in January 2024, its price has surged for several months to a new all-time high in history. Therefore, the adoption of institutions on this scale is particularly exciting for the capital market.
The Securities and Exchange Commission is aiming for June 17 to take the next steps. Therefore, the market will closely monitor potential news developments regarding XRP at that time.
A new direction or different timeline for approving a series of XRP ETF products could provide new insights into the current market valuation.
Meanwhile, the two issuers have received SEC approval to launch the XRP futures ETF in April. This could be a test of Wall Street's demand for the new XRP ETF as they get the green light.
4. The XRP moving average is a 'Strong Buy' at the beginning of May
Not only are there technical chart signals, but also favorable political winds and regulatory approval supporting the bullish outlook for Ripple in May. Additionally, there are technical signals in the market price chart.
According to TradingView data, XRP is a Strong Buy over the one-month period based on all its moving averages. The exponential and simple moving averages for XRP over the 10, 20, 30, 50, 100, and 200-day periods all recommend "Buy" at the weekend.
Meanwhile, what would the $1,000 investment in XRP made in 2018 be worth at the present time?
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4 Compelling Signs Indicating That the Price of Ripple Is About to Rise Strongly in May
Altcoin investors who bought XRP 12 months ago are currently much better off with their Ripple bags. The asset has traded over 330% higher this year to start May, and this is why it could go even higher. The buyer has money for XRP. Even the cryptocurrency traders who bought XRP on New Year's Eve, just before the peak of the cryptocurrency bull run in January, saw an increase of about 5% at the beginning of the month. However, Ripple's primary payment coin did not perform as successfully as Bitcoin during the recovery in April. As May began, XRP increased by 4% over the month, while BTC rose by 13.5%. However, XRP is not as bad as Ethereum in April, its largest competitor, with ETH declining by about 3% in the month's trading. Here are four new signals for May indicating that the price of Ripple could be around spring.
Ripple has a strong price increase chart shown on the price chart in April. This means that buyers can get a quick boost for their exchange rate overnight. The famous cryptocurrency chart technical analyst Ali Martinez wrote in a post on April 28 that the price of XRP "seems to be breaking out of the inverted head and shoulders pattern." Ali Charts, when using X, identified the potential target range for Ripple's price to increase from $2.70 to $2.90. This figure could rise by more than 30% compared to early May. Although this may seem impressive by stock market standards, this performance is not unusual for many altcoins like XRP. 2. Eric Trump criticizes SWIFT, banks 'could go extinct'
The cryptocurrency-friendly Republican group has just invigorated the Ripple community with recent comments from President Donald Trump's son, Eric Trump. In an interview with Dan Murphy of CNBC in the UAE, young Trump strongly criticized the traditional financial system. He analyzed the global SWIFT payment system and realistically stated that banks "could go extinct" within a few years due to cryptocurrencies like Bitcoin and XRP. "SWIFT is a real disaster. Not a week goes by that I don’t try to send a wire on Friday afternoon or receive one on Friday afternoon, and you worry if you will make it to the cutoff time at 4 PM, when you might not see any funds that you are supposed to receive in the normal course of business for another 72 hours." SWIFT may be the biggest competitor to Ripple in terms of market share for its XRP tokens. If Ripple can capture just a small portion of the trillion-dollar volume of the old system, the trading market may reward its payment currency. 3. XRP futures ETF approved, what is next for spot?
In the last week of April, Bloomberg's senior ETF analyst, Eric Balchunas, posted an update on the odds from the Bloomberg Intelligence group that the SEC would approve several different cryptocurrency ETF applications this year. He stated that there is a "high likelihood" that all applications will take place in 2025. According to Bloomberg's viewpoint, the approval rate for XRP has risen to 85% in the latest ETF approval forecast from the SEC. The increasing momentum towards trading in Wall Street-managed funds is a price-driving force for XRP. When Bitcoin is launched on a series of ETFs in January 2024, its price has surged for several months to a new all-time high in history. Therefore, the adoption of institutions on this scale is particularly exciting for the capital market. The Securities and Exchange Commission is aiming for June 17 to take the next steps. Therefore, the market will closely monitor potential news developments regarding XRP at that time. A new direction or different timeline for approving a series of XRP ETF products could provide new insights into the current market valuation. Meanwhile, the two issuers have received SEC approval to launch the XRP futures ETF in April. This could be a test of Wall Street's demand for the new XRP ETF as they get the green light. 4. The XRP moving average is a 'Strong Buy' at the beginning of May Not only are there technical chart signals, but also favorable political winds and regulatory approval supporting the bullish outlook for Ripple in May. Additionally, there are technical signals in the market price chart. According to TradingView data, XRP is a Strong Buy over the one-month period based on all its moving averages. The exponential and simple moving averages for XRP over the 10, 20, 30, 50, 100, and 200-day periods all recommend "Buy" at the weekend. Meanwhile, what would the $1,000 investment in XRP made in 2018 be worth at the present time?