XRP Price Struggles Despite SEC’s ETF Acknowledgment
On February 18, the U.S. Securities and Exchange Commission (SEC) formally confirmed BITWISE’s XRP Exchange Trading Fund (ETF) documents. However, despite regulatory progress, the price response of XRP is still standing, continuing its downward trajectory.
Altcoins are expected to disrupt below key support levels due to strengthening bearish bias.
XRP’s performance is still pretty dull
The SEC has confirmed various XRP ETF applications over the past week. On February 13, regulators Confirmed Grayscale’s document, submitted in late January.
On Tuesday, Bit Register Although it has been more than a week’s history, similar people from CBOE have also been officially recognized. However, XRP’s price response to this development has been incredible. It continues to trend downward and now trades on the lower trend line of its symmetric triangle.
An evaluation of the XRP/USD one-day chart shows that Altcoin has traded in a symmetric triangle pattern since it reached January 16. Convergence trend line, indicating periods of consolidation and reduction volatility.
However, since Climbing sales pressure XRP has traded around the lower trend line in this mode over the past few days. This confirms the market’s soaring sell-off and suggests a bearish breakout could occur if the support level fails to hold.
Additionally, XRP’s trading below its 20-day exponential moving average (EMA), confirming this bearish outlook.
The indicator measures the average price of assets over the past 20 trading days, making the recent price heavier to reflect current market trends. When the price of an asset is trading at a price below it, the market is in a downward trend on sales pressure.
XRP faces fragmented moments
At press time, XRP’s super-trend indicator constituted a dynamic resistance above its $3.12. When the price of an asset is traded under this line, it marks a bearish trend. This suggests that sales pressure is dominant and that further downward movement may follow.
If the sell-off continues, the price of XRP may fall below the lower trendline of its symmetric triangle pattern, falling to $2.24.
Instead, a positive shift in market sentiment will invalidate this bearish forecast. if XRP requirements Soaring, its price could rally above the top line of its symmetrical triangle pattern and attempt to violate the $3.12 dynamic resistance.
Disclaimer
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