XRP Eyes Rebound as Spot ETF Approval Odds Gain Momentum
XRP's fall reflects cryptocurrency market laziness.
Analysts Eric Balchunas and James Sayffart push XRP spot ETF approval to 95% by year's end.
The mainnet launch of Ripple's XRPL EVM Sidechain raises the stakes for cross-chain developers.
Lethargic cryptocurrency market attitude limits Ripple's (XRP) rise. At $2.19, XRP is down over 2% on Tuesday. The futures Open Interest for the cross-border money remittance token has dropped from $7.76 billion on January 17 to $4.38 billion.
Analysts predict 95% XRP spot ETF acceptance.
XRP spot ETFs have a 95% probability of clearance by the US Securities and Exchange Commission, according to Bloomberg analysts Eric Balchunas and James Sayffart.
XRP Ledger (XRPL) developers may now "build, port, and deploy cross-chain and EVM (Ethereum Virtual Machine) only decentralized applications (dApps)."
Web3 financial functions like stablecoins, RWA tokenization, and cross-border payments require on solid blockchain infrastructure for liquidity, speed, security, and scalability.
According to Ripple CTO and co-founder David Schwartz, "The XRPL EVM Sidechain introduces a flexible environment for developers to deploy EVM-based applications, while maintaining a connection to the XRPL's efficiency." "It extends the capabilities of the ecosystem without changing the fundamentals that make the XRPL reliable," he said.
Technical outlook: XRP rebound difficult despite critical support
XRP may prolong its slump toward Friday's $2.06 support. Given the June 21 drop below $1.90 caused by Middle East geopolitical concerns, a break below the immediate 50-week Exponential Moving Average (EMA) support around $2.18 might signal another sell-off.
The Money Flow Index (MFI) at 40, reversing the trend toward the midline, makes a further slide below $1.90, which is slightly below the 100-week EMA, improbable.
Traders focus on the 50-day EMA support around $2.18, the previous month's top at $2.34, and May's peak at $2.65.
