Cryptonews - Will the price of XRP reach $10 with its future prospects boosted by XRP futures ETFs? – Source: Cryptonews The price of Ripple (Ripple-XRP) seems poised for a short-term rise, returning to its high levels recorded this year thanks to the buzz generated by the upcoming launch of XRP futures ETFs in the coming weeks, where the launch of Ripple's fund - by Proshares - has been postponed until May 14.
But this did not harm the overall mood; rather, the approval of the U.S. Securities and Exchange Commission (SEC) for these funds sparked excitement among investors, given Ripple's victory in its legal battle against the commission last March, where Ripple is currently trading near $2.25, up over 40% from its lows recorded earlier this month.
As for the technical indicators, they are positive; the price of XRP has broken through the downward trend line that has persisted for several weeks and the 21 and 50-day moving averages (DMAs), indicating the potential for the price to rise towards $3.40 in the short term.
Here, crypto traders remember how the market initially downplayed the impact of the launch of Bitcoin Spot ETFs at the beginning of 2024.
Could the market have also downplayed the impact of the launch of XRP futures ETFs? And is it likely that the price of XRP will rise to $10?
It is still unlikely for the price of XRP to reach $10 due to macroeconomic uncertainty.
Traders should not blindly get swept up in this surge, after global markets were destabilized due to economic uncertainty caused by the trade war initiated by President Trump, in addition to signs of deterioration in the U.S. economy.
Consumer expectations have fallen to their worst levels since 2011, and the number of job vacancies has decreased by 300,000 jobs, amid the likelihood of the Fed maintaining its hawkish stance due to heightened concerns about ongoing inflation despite the market's urgent need for support more than ever.
Furthermore, we may witness a significant decline in the prices of alternative currencies like XRP, which are heavily affected by investors' aversion to risk. Thus, targeting its price to reach $10 seems unrealistic now, as adverse economic winds could limit its gains.
Is it time to buy and accumulate XRP?
Despite the rising risks in the near term, long-term investors should consider market fluctuations as a buying opportunity in light of positive factors supporting the currency's long-term prospects, such as Trump's administration's support for digital currencies and the potential for regulatory clarity under Paul Atkins' chairmanship of the U.S. Securities and Exchange Commission, in addition to Trump's preference for XRP, which he described last March as one of the major digital currencies that should be included in the digital asset reserve.
At the same time, the fundamentals of the currency remain strong, as the company's launch of its stablecoin RLUSD in December 2024 increased the abundance of liquidity in the market, alongside the use of Ripple's payment system by 80% of Japanese banks now in international payment operations.
Additionally, its distributed ledger technology updates - which support processing more than 3,400 transactions per second - put it on the right path for significantly increased adoption.
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