The crypto market is full of surprises where sudden changes and new movements are common, especially with the XRP price due to the lawsuit. However, the last few days focued on recovery for popular cryptocurrencies like XRP, Ethereum, and many others. These altcoins were on the upsurge, thanks to a slight push from the bulls. However, this seems to be slowing down today as the Ethereum price chart is moving downwards, followed by XRP. Unlike the user’s concerns about halted growth in the Ethereum and XRP price, big rallies might happen in the future, and there are five main reasons to believe in that.
5 Reasons Why Ethereum and XRP Price Rally Is Just Beginning?
From its earlier positioning around $2200, the Ethereum price has grown almost 6% over the week, currently at $2,550. At the same time, the struggling altcoin XRP also went closer to the $0.6 mark, creating hope among holders for its final recovery. However, today’s 1% drop in the XRP price, currently at$0.582, creates the suspicion of another short-lasting price rally.
Many analysts, including Captain Faibik, have predicated a massive rally for XRP based on the charts forming a massive Triangle Upside Breakout. However, there are five more prominent reasons for this happening for both Ethereum price and XRP.
$XRP is on the cusp of Massive Triangle Upside Breakout..!!
Massive Pump is on the way..⌛️#Crypto #XRP #XRPUSDT pic.twitter.com/tTRj06HNSC
— Captain Faibik 🐺 (@CryptoFaibik) September 16, 2024
1. Federal Reserve’s Implemented 0.50% Interest Rate Cuts
Like any financial entity, the crypto market also depends on macroeconomic factors like the US economy, FED rate cuts, and others, which could either build or destroy the market. One such macroeconomic event has just taken place, where the Fed implemented a 0.50% interest rate cut after four years and many more might come in the future as well.
It is significant as the US interest rate cut could boost the liquidity in the finance market. The lower interest rate makes borrowing easier for investors, leading to them hunting for higher investment options, including the Crypto market. As Ethereum and XRP are the most prominent cryptos in the market, an increased investment is also to come this way, boosting their price.
Though analysts have divided opinions on it, the crypto market has already shown signs of recovery, causing the ongoing Ethereum and XRP price surge, and more might come as well.
2. Upcoming Uptober And Bull Run Will Push Ethereum and XRP Price
Ethereum and XRP had great performances in the past before entering a consolidation, which is quite common after a strong performance. This consolidation is a part of the crypto market, which may vary in duration. However, one certain thing is the recovery of these assets based on the market events and technical upgrades. As Uptober (October with an upward trend) is known to be a month of gains in Bitcoin price, a big recovery is predictable in the overall crypto market and these crypto prices.
In the last thirteen years, Bitcoin has exhibited exponential growth, with negative records only twice, in 2014 and 2018. On analyzing the last five years alone, the Bitcoin price has had positive growth every October, and the same might happen this year as well based on this track record. If this happens, both the XRP and Ethereum prices will rise.
3. Rising Hype Around Spot Ethereum ETF and Grayscale XRP Trust
As anticipated, Spot Ethereum ETF has been gaining more and more popularity since its launch just a few months ago. Per the recent Spotonchain data, the US Ethereum ETF flow data came out positive for two in the last five trading days. For September 20 alone, it had $2.9M in ETH ETFs, which is low but still indicated the hunger for this asset.
🇺🇸 Spot ETF: 🟢$92M to $BTC and 🟢$2.9M to $ETH
🗓️ Sep 20, 2024👉 The total flow for BTC ETFs this week is +$397M, with inflows on 4 out of 5 trading days.
👉 The total flow for ETH ETFs this week is -$26.2M, with inflows on 2 out of 5 trading days.
Follow @spotonchain and… pic.twitter.com/Ay2NyFphhI
— Spot On Chain (@spotonchain) September 21, 2024
Additionally, it is comparatively lesser than the spot Bitcoin ETF inflows of $92M. However, we cannot ignore the popularity of ETH ETF. On the other side, Grayscale has also announced the launch of the XRP trust, which was closed earlier due to the Ripple lawsuit.
It has begun a series of events that will boost the XRP price to new highs. Interestingly, Robinhood, one of the most popular crypto exchanges, has also spoken of relaunching the XRP token, which is an indication of new acceptance of XRP in the market. Additionally, the users have shown enthusiasm around the XRP ETF based on the grayscale track record of converting its Trusts into ETFs.
4. XRP Price To Surge As Victory Confirmed In Ripple Vs SEC Lawsuit
The Ripple Vs SEC lawsuit is finally at an end, as the lack of an appeal from the SEC indicates a 100% victory for Ripple. Though the case has come to this point after a fine of $125 Million, it is still in Ripple’s favor as it is a 94% reduction. More importantly, there are rumors that Ripple has already paid the fine, ending the four-year-long trauma, especially on the XRP price.
Since the beginning of this case, XRP has continuously struggled on the charts, dropping 85% from its peak time. This lawsuit end will boost the XRP price to new heights, with many analysts speculating a surge to $5, $20, and even $100.
5 Ethereum Price To Boost With ETH Options
The SEC has approved the Bitcoin ETF options, allowing the trading of BlackRock’s iShares Bitcoin Trust ETF under the IBIT ticker. It has now also opened the gates for the spot Ethereum options trading. Even, though the Nasdaq has already requested the SEC for the same, there will be a delay in its approval per industry leaders.
If the approval takes place which is likely to happen by April 2025, this will boost the ETH ETF and Ethereum price after offering more choices among investors and increasing the crypto ETF’s appeal.
Final Thoughts
Regardless of the Ethereum price struggle in the market, it has maintained its position in the global market, with thousands of users waiting for upcoming gains. The years-long trust and the US spot Ethereum ETF are building a bridge for the Ethereum price rally to continue. On the other side, the XRP price struggle is about to end, as the Ripple Vs SEC lawsuit is finally in Ripple’s favor. It will open the gates for growth for the token and its price recovery.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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