Will he reach $ 5 if SEC approved Ripple ETF in June?
The XRP price had another boring performance in May because it remained in a close range. On Thursday, May 29th, Ripple was traded at $ 2.25, a few points below the monthly high of $ 2.6368, where he was also at the beginning of the year. This article contains a forecast in the event that the SEC approved an XRP ETF in June.
Will the SEC approve an XRP ETF in June?
XRP has become the most popular cryptocurrency among the issuers of stock exchange -traded funds (ETF) in the United States. 9 companies like Franklin Templeton, Bitwise, Wisdomtree and Vaneck all have one Xrp-etf requested.
The SEC has delayed the approval of Ripple and other old coins this year because it advises and weighs up and weighs the advantages and disadvantages of a stock exchange approval. XRP will be observed closely for two reasons in June.
Learn more here: XRP ETF: First submission of BitWise for the SEC permit
First, there is Rumors that Blackrock, the world's largest asset manager, will apply for a spot XRP ETF. The company has not yet commented on this, but it is possible because its BTC and ETH ETFs have become very successful.
Second, the SEC set July 17 July as a deadline for the approval or delay of the XRP ETF by Franklin Templeton. The most likely scenario here is that the authority shifts it again until October, which is the deadline for other ETFs from Grayscale, BitWise and 21shares.
The SEC will probably wait until the examination of all ETFs requested is completed before it approved it. This is because the approval of an ETF would mean an advantage for the initial provider.
ETF approval would be positive for XRP because it would lead to more tributaries from institutions. JPMorgan estimates that XRP would take at least $ 8 billion in the first year and would therefore be more successful than Ethereum.
XRP-predestor June
The three-day chart shows that the XRP course is still below the previous annual high of $ 3.38. It is slowly forming a symmetrical triangular pattern, the two lines of which are about to converge.
This triangle is formed after the coin made a strong outbreak in November last year. So there is slowly forming an interest bully pennant pattern, a sign of an interest bully sequel in the technical analysis.
The most likely scenario is that Ripple falls on the lower side of the triangle at $ 1.94. This is possible because June is usually the worst month for cryptocurrencies because the dealers take their summer vacation.
After meeting the lower side of the triangle, the course will explode upwards. If this happens, he will first test the annual high of $ 3.4 and then again $ 5.
Read more here: Vivopower collects $ 121 million to start a treasury strategy focused on XRP
