ETF speculation and SEC case influence XRP bullish trend. Halving effects and ETF flow dynamics are discussed below
According to Santiment, market sentiment towards the XRP Ledger/XRP was positive at the end of the session on Monday (UTC). XRP was a trending coin, with 51.72% positive versus 30.5% negative. However, the influence of the SEC vs. Ripple on XRP remains a dominant factor.
Meanwhile, according to Farside Investors, the BTC spot ETF market recorded net outflows of $245.1 million, excluding iShares Bitcoin Trust (IBIT) flow data.
XRP Recent News
There were no updates related to the SEC vs. Ripple that affect the demand for XRP by buyers. However, Ripple CEO Brad Garlinghouse offered a bullish outlook on the cryptocurrency market despite SEC cases against Ripple, Coinbase (COIN), Kraken, Binance and others.
Garlinghouse reportedly spoke to CNBC and said the following:
“I’ve been in this industry for a long time and I’ve seen these trends come and go. I am very optimistic. “I think the macro trends, the big things like ETFs, are driving real institutional money for the first time.”
XRP Price Analysis
The bears’ failure to capitalize on XRP’s decline below the uptrend line may have attracted buyers who pushed the price above the moving averages on April 8.
The flat moving averages and the RSI just above the midpoint suggest short-term range-bound action. The XRP/USDT pair could fluctuate between $0.56 and $0.69 for a few more days.
Buyers will have to kick the price above $0.69 to improve prospects of a rally to the formidable resistance at $0.74. Instead, if the bears want to take the reins, they will have to sink and keep the price below $0.56. Then, the pair could fall to $0.52 and subsequently to $0.48.
BTC Recent News
The Fidelity Wise Origin Bitcoin Fund (FBTC) recorded net inflows of $6.3 million on April 8, up from $83.0 million (April 5). Bitwise Bitcoin ETF (BITB) recorded net inflows of $40.3 million after seeing total net inflows of $47.0 million in the week ending April 5. Meanwhile, Grayscale Bitcoin Trust (GBTC) saw net outflows increase from $144 million (April 5) to $303 million (April 8).
GBTC outflows data disappointed, with investors expecting outflows to trend lower. Last week, news came that Genesis had completed its $2.1 billion GBTC share sale. Monday’s outflow data suggests that selling trends could continue to impact total BTC spot ETF market flows despite BTC price movements. GBTC saw a surge in outflows even though BTC revisited the $72,500 level. However, investor sentiment towards demand and the bitcoin halving event influenced buyers’ appetite for BTC.
On Sunday, Ripple CEO Brad Garlinghouse predicted that the cryptocurrency market would double to $5 trillion by the end of 2024. Garlinghouse based his prediction on BTC spot ETF market demand and falling supply. derived from the Bitcoin halving event.
BTC Price Analysis
On April 8, Bitcoin broke out of the symmetrical triangle pattern, indicating that the bulls have dominated the bears.
The BTC/USDT pair is likely to retest the all-time high of $73,777. This level can act as an important barrier, but if the bulls overcome it, the pair could start the next leg of the uptrend towards the pattern target of $84,000.
The bears are running out of time. If they want to rally, they will have to get the pair back below the 20-day EMA ($68,335). If that happens, the pair may fall to the 50-day SMA ($64,828).
By Audy Castaneda
