XRP: Soaring High in the Crypto Market
4 Indisputable Indications Suggest Ripple's (XRP) Value Could Explode in May
Investors who dove into XRP a year ago are now reaping the rewards, with the asset surging 330% by May. Here's why the climb could continue.
Even though crypto traders who bought XRP on New Year's Eve were up around 5% as the year began, Ripple took a backseat during the recovery rally in April, lagging behind Bitcoin's impressive 13.5% surge. However, compared to Ethereum's 3% drop for the month, XRP held its ground pretty well.
Still, there's reason to believe that Ripple's prices could surge in May. Here are four reasons to support that claim.
1. Bullish Inverse Head and Shoulders Pattern
Ripple's chart pattern shows a strong bullish signal, which might give a quick boost to its currency exchange rate overnight. Crypto analyst Ali Martinez pointed this out in a post on Apr. 28, noting a possible upside target range for Ripple prices between $2.70 and $2.90. This jump represents an increase of over 30% compared to the start of May.
2. Eric Trump Slams SWIFT, Banks on the Ropes
Ripple received a boost from the crypto-friendly Republican establishment with Eric Trump's recent criticisms of the traditional finance system. The younger Trump lambasted the global SWIFT payments system, suggesting that banks "could be extinct" within a few years due to cryptos like Bitcoin and XRP. SWIFT is a significant competitor for Ripple in terms of market share for XRP tokens, and any disruption in their systems could benefit Ripple.
3. XRP Futures ETFs Approval, Spot Next?
In late April, the Securities and Exchange Commission released odds for various crypto ETF applications to be approved this year, with XRP's odds of approval increasing to 85%. The growing momentum towards trading in regulated Wall Street funds is bullish for XRP prices. If approved, institutional adoption at this scale could significantly increase the value of XRP.
4. XRP Moving Averages 'Strong Buy' to Start May
Not only are there bullish technical signals, favorable political winds, and regulatory clearance supporting a bullish outlook on Ripple in May, but there are also strong market indicators. According to TradingView data, XRP is a 'Strong Buy' based on all moving averages over the one-month time scale. All moving averages, including the 50-day SMA ($2.21) and 200-day SMA ($1.91), recommend a 'Buy'.
In conclusion, experts predict that if Ripple manages to capture a fraction of SWIFT's trillion-dollar volume, it could lead to a bullish run for XRP prices. With regulatory approval, institutional involvement, and strong technical signals, it's possible that XRP could reach new heights in the coming months.
- Despite a modest 5% gain for XRP on New Year's Eve, it trailed behind Bitcoin's impressive surge in April.
- Ethereum, on the other hand, dropped by 3% for the month, making XRP's performance seem relatively strong.
- The bullish Inverse Head and Shoulders pattern on Ripple's chart indicates a potential quick boost to its currency exchange rate.
- Crypto analyst Ali Martinez predicts an upside target range for Ripple prices, suggesting a possible increase of over 30% compared to the start of May.
- Eric Trump's criticism of SWIFT and traditional finance systems could benefit Ripple as it competes with SWIFT for market share.
- The Securities and Exchange Commission's increased odds of approving XRP ETFs this year signals growing momentum towards regulated Wall Street funds trading in XRP.
- According to TradingView data, XRP is currently a 'Strong Buy' based on all moving averages over the one-month time scale, further supporting a bullish outlook for Ripple in May.
