XRP’s rollercoaster ride: Blackrock rumors stir market waves

The past few months have been a rollercoaster ride for Ripple. Now, the crypto market is surrounded by rumors suggesting Blackrock’s involvement with XRP.

Recently, the crypto circle was filled with news stating that Blackrock has filed for an XRP ETF. As expected, the stature of Blackrock stirred market factors, pushing XRP’s price around.

However, the rumors were quickly invalidated, limiting XRP’s movement between $0.643 and $0.731. Given the sudden movement, XRP piqued the interest of most crypto traders. Many of them looked for an XRP price prediction to reassess their portfolio.

Traders found that the current RSI (relative strength index) exhibits a value of 61.99. The neutral stance indicates that XRP will not be oversold or overbought in the current scenario. 

Besides this, the Stochastic oscillator is also paced at 54.24 for XRP. The oscillator is showing a neutral stance as well, putting XRP in equilibrium. While studying in conjunction with the RSI, the metric highlights a consolidation period for XRP.

As for the rumors, Blackrock has also gained market prominence. The company has been watched carefully ever since it filed a Bitcoin ETF for the SEC’s approval. A while ago, rumors surrounding the SEC’s approval of Blackrock’s ETF filing also surfaced.

The murmurs also slightly increased the price of Bitcoin. It is no secret that some unethical parties circulate these stories in order to create sensationalism. The Securities and Exchange Commission has already expressed concerns regarding price manipulation on the Bitcoin market.

Its anti-BTC ETF stance is public, as the committee is looking for ways to moderate it. Under this pretext, getting approval would be challenging even for BTC. 

As for the current rumors, experts believe that they won’t affect the SEC’s decision on the Bitcoin ETF approval. The SEC is likely to maintain its position and deliver a verdict after extensive R&D.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

Related Articles

Back to top button