Ripple-backed digital asset, XRP, continued to face near-term bearish sentiment over the weekend and as the Asian market opened Monday. Trading around 63 cents during Monday’s early Asian session, XRP closed with a Doji candlestick last week, which is characterized by market uncertainty. The fact that the SEC in the United States has appealed last month’s ruling by Judge Analisa Torres has undeniably significantly diminished the optimistic enthusiasm.
Aside from Bitcoin, XRP is the only other digital asset with clear regulatory approvals in the United States. As a result, Cheeky Crypto analyst Nick believes that an XRP ETF could be on the horizon. In addition, XRP records more daily transactions than the Ethereum network and has also increased whale adoption. In particular, an XRP ETF endorsement could spark massive bullish momentum outside of the ATH.
XRP price action
On the daily time frame, the analyst argued that the XRP price is on the verge of a bullish rebound towards 70 cents. After last month’s big XRP breakout, the Cheeky Crypto analyst expected an ABC correction towards the supply zone of around 54 cents. However, the analyst argued that the bears could move further into the next support zone at around 48 cents.
Regarding the weekly time frame, Nick argued that XRP price is on track to trade between $5.4 and $11 during the next major crypto bull market. As a result, the analyst warned crypto traders who expect XRP price to parabolically move towards $589 or $10,000 during the next major crypto bull rally to be a bit more realistic with diminishing returns.
