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The XRP price plunged by 5.45% in the last 24 hours to trade at $0.54 as of 8:35 a.m. EST on trading volume that climbed more than 4% to $1.54 billion.
The fall came as Ripple CEO Brad Garlinghouse told Bloomberg that ”it simply makes sense” to introduce an XRP ETF (exchange-traded fund), and that it is inevitable that there will be additional ETFs following the approval last month of spot Bitcoin ETFs.
🚨 BREAKING: RIPPLE & BLACKROCK CREATING $XRP ETF !?! CEO DROPS A BOMBSHELL ON BLOOMBERG CRYPTO🚨📈
Ripple CEO, Brad Garlinghouse, hints at a game-changing connection between BlackRock and Ripple launching an XRP ETF in the USA 🇺🇸 …
Stating: “I think it makes sense for the… pic.twitter.com/MyC6R2Ld78
— Good Morning Crypto (@AbsGMCrypto) February 20, 2024
XRP Price Signals A Bullish Trend Reversal Forming A Falling Wedge Pattern
XRPUSD Analysis by Tradingview
The XRP is encountering a significant obstacle in breaking through the $0.75 resistance mark, hindering bullish momentum and allowing the bears to drive prices lower. This has resulted in forming a falling wedge pattern, which indicates a bullish trend reversal.
The bulls have stabilized the current upward trend, finding support at $0.48, aligning with the lower boundary of the falling wedge.
XRP Price Indicator Signal Bullish Reversal As Bulls Target a 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 the bulls fly the XRP price to a new high.
The Relative Strength Index (RSI) has declined to the 50 midline level, indicating intense selling pressure in the XRP price. However, if the bullish traders act on the wedge, the RSI may rise back to the overbought zone of 70.
The MACD indicates signs of rebound above the midline level as the blue moving average crosses above the orange signal line in a bullish stance. Moreover, the histogram bars show positive momentum appearing above the neutral level.
XRP price might skyrocket to a $0.78 high if the bullish momentum sustains above the falling wedge pattern. A further push above this level could see the price touch $0.95 high in the upcoming weeks.
However, the $0.75 resistance remains a hurdle the bulls must overcome. In a more corrective phase, the bears may push the price towards the support zone at $0.45.
Meanwhile, investors are showing significant interest in Bitcoin Minetrix and its distinctive Bitcoin cloud mining solution, which analysts say has the potential to 100x on launch.
Bitcoin Minetrix Blasts Past $11.2 Million In Funding – Best Crypto To Buy
The Bitcoin Minetrix (BTCMTX) presale has reached an impressive milestone in its current 27th stage, successfully securing over $11.2 million in funding and swiftly approaching its $12.178 million target.
Exciting news for the #Crypto mining industry! 🚀#PolarisTechnology unveils plans for a $100 million, 200MW 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 mining Bitcoin 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 gather staking credits, managing their mining skills.#Ethereum network's smart contracts guarantee automatic, decentralized allocations, ensuring a secure and dependable mining experience. 🔗⛏️ pic.twitter.com/1SpVeCK2DN
— Bitcoinminetrix (@bitcoinminetrix) February 18, 2024
Unlike traditional cloud mining, it doesn’t require users to sign complicated contracts or deal with the complexities of mining equipment.
Earn Passive Income And Rewards With BTCMTX, 100X Crypto
Buying and staking BTCMTX tokens entitles you to a generous annual percentage yield (APY) of 60%, significantly surpassing the industry standard rates of 5-10% APY. Investors also have the opportunity to become one of the lucky winners in the Bitcoin Minetrix Minedrop competition, where 10 winners will each receive $3,000 worth of BTCMTX.
Popular crypto analyst Jacob Bury believes that BTCMTX could be the next cryptocurrency to achieve a 100x increase.
Investors have less than four days left to buy BTCMTX at a discounted price of only $0.0136 per token on the official Bitcoin Minetrix website before a price hike.
All you need to do is connect your digital wallet and swap MATIC, Ethereum, BNB or USDT for BTCMTX. A bank card can also be used.
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