The U.S. Securities and Exchange Commission (SEC) has approved the new Grayscale ETF containing Bitcoin, Ethereum, Solana, Cardano, and XRP, opening up great opportunities for multi-token cryptocurrencies.
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The SEC has officially approved the first multi-token ETF that includes top cryptocurrencies like Bitcoin and XRP.
The price of XRP has surged, testing the ability to maintain a crucial support level following the ETF news.
Experts believe that the price range of $2.16-$2.25 is a key point for determining the next trend of XRP.
Which cryptocurrencies are included in the new Grayscale ETF?
The ETF just approved by the SEC from Grayscale includes major cryptocurrencies like Bitcoin, Ethereum, Solana, Cardano, and XRP. This will be the largest multi-token digital ETF in the world, according to reports from financial experts. This decision marks an important milestone and may pave the way for ETFs tracking the actual price of each individual XRP, Solana, and Cardano.
How does ETF approval impact the price of XRP?
The price of XRP has shown positive fluctuations right after the news from the SEC. XRP has just broken through the resistance level of $2.19 to $2.20 on the chart and is also trying to maintain this price range to solidify new support. If successful, XRP could aim for the next resistance level at $2.25, and even rise to the range of $2.32-$2.35, where there is strong selling pressure.
"After hitting the resistance of $2.30, the price of XRP could not maintain the support of $2.25 and is adjusting back to the range of $2.16-$2.18. This is not a complete breakdown, but this range is very important."
Casi Trades, Cryptocurrency Analyst, 2024
In case XRP cannot maintain the price above $2.19, it may return to the support range of $2.05-$2.10. Currently, the price trend of XRP is neutral, fluctuating sideways, and there is no strong specific momentum for an upward or downward movement.
What points do experts consider important for the next trend of XRP?
According to analysts, the price range from $2.16 to $2.25 is a critical point that needs to be maintained for XRP to make a breakout. If the price remains above $2.25, the chance to rally to $2.69 and continue higher is very likely. Conversely, if it breaks below $2.16, a deeper downward trend towards $1.90 may occur.
Opinion from expert Casi Trades
"The weakening of the selling side on the small chart indicates that the current adjustment may only be temporary; if the support level is maintained, XRP is likely to rise again."
Casi Trades, Cryptocurrency Analyst, 2024
Frequently Asked Questions
What is an ETF and why is its approval important?
An ETF is an exchange-traded fund based on the price of assets. SEC approval helps increase legitimacy and attract large capital flows into cryptocurrencies, facilitating market development.
Does the approval of the ETF directly affect the price of XRP?
Yes, approval news often triggers strong interest and trading, helping XRP's price to experience positive fluctuations in the short term.
How to know if XRP will rise or fall after the ETF is approved?
According to experts, the price range of $2.16-$2.25 is important for determining the trend; maintaining this range could encourage price increases, while a failure to do so may lead to a downward adjustment.
What opportunities could Grayscale's multi-token ETF open up for investors?
Helps diversify the investment portfolio, reduce risk, and easily access major cryptocurrencies in a single product.
What price levels could XRP reach in the near future?
If support is maintained, XRP could aim for the resistance of $2.25 and even the range of $2.69 according to analysts' assessments.
Source: https://tintucbitcoin.com/xrp-tang-gia-nho-etf-sec/
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