Jakarta, Pintu News – The crypto world just received some good news. The United States Securities and Exchange Commission (SEC) has approved a new ETF (Exchange-Traded Fund) product from Grayscale that includes some of the biggest cryptocurrencies such as Bitcoin , Ethereum , Solana , Cardano , and Ripple .
The new product is expected to be the largest multi-token digital asset ETF in the world, opening up great opportunities for the future of cryptocurrencies.
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Since the announcement of the ETF approval, the price of Ripple (XRP) has shown significant movement. In the market, Ripple (XRP) recently managed to break the key resistance level between $2.19 and $2.20. Currently, Ripple (XRP) is struggling to maintain a position above that range in order to confirm fresh support.
If Ripple (XRP) manages to hold above this level, there is a possibility that the price will try to break the next resistance at $2.25. With the potential to reach up to $2.32 to $2.35, where strong resistance is expected.
However, if it fails to maintain a position above $2.19, the price could fall back to around $2.10 to $2.05. Currently, the price trend of Ripple (XRP) looks neutral, moving sideways without strong momentum.
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According to Casi Trades analysts, after reaching the $2.30 resistance, the price was unable to maintain the $2.25 support level. Currently, the price is experiencing a pullback to test the consolidation top, around $2.18 to $2.16. This is not a decline, but this test is very important.
If the price manages to hold above this zone and reclaim $2.25, it could trigger a rally towards $2.69 and higher. Early signs of seller weakness have started to show on the smaller time frames, suggesting that this pullback might be temporary. However, if the price drops below $2.16, the next downside risk is to the support around $1.90.
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The approval of ETFs by the SEC not only impacts short-term prices, but also has long-term implications for Ripple (XRP) and other cryptocurrencies. With ETFs in place, institutional investors who were previously hesitant to jump into the crypto market now have safer and more organized access.
This could boost the adoption and integration of cryptocurrencies in the mainstream financial system. In addition, the approval of individual spot ETFs for Ripple (XRP), Solana (SOL), and Cardano (ADA) in the future will further increase their visibility and liquidity. This is a major step towards recognizing and validating cryptocurrencies as legitimate investment assets in the eyes of global investors.
The approval of ETFs by the SEC is a significant milestone in the evolution of the cryptocurrency market. With increasing adoption and recognition, the future of Ripple (XRP) and other cryptocurrencies looks bright. Investors and market watchers will continue to monitor the impact of this development on market dynamics and applicable regulations.
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*Disclaimer
This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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