Ripple is Set for Another Dive
Ripple (XRP) is rising by 1.5% to $0.5337 this week, extending its overall gains since Wednesday to 5.0%. This rise could be considered more as a bounce from the support at $0.5000. The spot Ripple-ETF is being widely discussed, but it seems to have a long way to go. Meanwhile, the altcoin is being influenced by the market dynamics, with Bitcoin (BTC) posting a 10.5% recovery for the same period.
Ripple Labs is supporting the idea of the ETF and has even announced the position of the manager who would be responsible for facilitating the launch of this ETF. However, there is widespread agreement that SEC Chief Gary Gensler would not allow such an ETF to be registered after XRP's victory in court.
Despite the recovery, the support at $0.5000 is very close. Therefore, the altcoin may continue to face downward pressure after leaving the upside trend established on January 2, 2023. Further decline may send prices down to $0.4000.
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