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The price of XRP plummeted 5.45% in the last 24 hours to trade at $0.54 at 8:35 a.m. EST on trading volume that increased more than 4% to $1.54 billion.
The drop came as Ripple CEO Brad Garlinghouse told Bloomberg that it “just makes sense” to introduce an XRP ETF, and that additional ETFs are inevitable following last month's approval of the bitcoin Spot ETF.
BREAKING NEWS: CREATION OF RIPPLE AND BLACKROCK $XRP ETF!?! THE CEO DROP A BOMB ON BLOOMBERG crypto
Ripple CEO Brad Garlinghouse Hints at Breakthrough Connection Between BlackRock and Ripple by Launching XRP ETF in the US …
Stating: “I think it makes sense for… pic.twitter.com/MyC6R2Ld78
– Good morning crypto (@3TGMCrypto) February 20, 2024
XRP price indicates a reversal of the uptrend by forming a falling wedge pattern
XRPUSD Analysis by Tradingview
XRP is encountering a major hurdle to break above the $0.75 resistance mark, hampering bullish momentum and allowing bears to push prices lower. This has resulted in the formation of a falling wedge pattern, indicating a reversal of the uptrend.
The bulls have stabilized the current uptrend, finding support at $0.48, lining up with the lower boundary of the falling wedge.
XRP Price Indicator Signals Bullish Reversal as Bulls Target New High Above $0.75 Resistance
The 50-day and 200-day simple moving averages are trading below the price. However, the 50-day SMA could be a bullish signal to help bulls lift XRP price to a new high.
The Relative Strength Index (RSI) has declined to the mid-50 level, indicating intense selling pressure on the XRP price. However, if bullish traders act on a wedge, the RSI may rise back to the 70 overbought zone.
The MACD is indicating signs of rebound above the midline level as the blue moving average crosses above the orange signal line in a bullish stance. Furthermore, the histogram bars show positive momentum appearing above the neutral level.
XRP price could shoot to a high of $0.78 if the bullish momentum sustains above the falling wedge pattern. Fresh momentum above this level could see the price reach a high of $0.95 in the coming weeks.
However, the $0.75 resistance remains a hurdle for the bulls to overcome. In a more corrective phase, the bears can push the price towards the support zone at $0.45.
Meanwhile, investors are showing strong interest in bitcoin Minetrix and its distinctive bitcoin cloud mining solution, which analysts say has the potential to grow 100x upon launch.
bitcoin Minetrix exceeds $11.2 million in funding: the best cryptocurrency to buy
The bitcoin Minetrix (BTCMTX) The pre-sale has reached an impressive milestone in its current 27th stage, successfully securing over $11.2 million in funding and rapidly approaching its goal of $12.178 million.
Exciting news for crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto Mining industry! #PolarisTechnology unveils plans for $100 million, 200 MW data center in Muskogee, Oklahoma.
What opportunities do you think this development will bring to the local community?#BitcoinMinetrix has successfully raised more… pic.twitter.com/m6jQ29WJ1D
—Bitcoinminetrix (@bitcoinminetrix) February 20, 2024
bitcoin Minetrix is an innovative platform that makes bitcoin mining more accessible, efficient and user-friendly, while eliminating the presence of third parties and scammers in the mining industry. It allows users to mine bitcoin using staking credits, which are managed through ethereum smart contracts, ensuring a secure and decentralized experience.
Embarking on a new era of cloud mining with #BTCMTX!
Users earn staking credits and manage their mining skills.ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum The network's smart contracts ensure automatic and decentralized allocations, ensuring a safe and reliable mining experience. pic.twitter.com/1SpVeCK2DN
—Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
Unlike traditional cloud mining, it does not require users to sign complicated contracts or deal with the complexities of mining equipment.
Earn Passive Income and Rewards with BTCMTX, 100X crypto
Buy and stake BTCMTX tokens entitles you to a generous 60% Annual Percentage Yield (APY), significantly exceeding industry standard rates of 5-10% APY. Investors also have the opportunity to become one of the lucky winners of the bitcoin Minetrix Minedrop competition, where 10 winners will each receive $3,000 in BTCMTX.
Popular crypto analyst Jacob Bury believes that BTCMTX could be the next cryptocurrency to achieve a 100x surge.
Investors have less than four days left to purchase BTCMTX at a discounted price of just $0.0136 per token on the bitcoin Minetrix official website before a price increase.
All you need to do is connect your digital wallet and exchange MATIC, ethereum, BNB or USDT for BTCMTX. You can also use a bank card.
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