Ripple-backed digital asset, XRP, continued to face short-term bearish sentiment over the past weekend and as the Asian market opened on Monday. Trading around 63 cents during the early Asian session on Monday, XRP price closed last week with a Doji candlestick, which is characterized by market uncertainty. The fact that the United States SEC has filed for an appeal following last month’s ruling by Judge Analisa Torres, the bullish enthusiasm has undeniably faded significantly.
Aside from Bitcoin, XRP is the only other digital asset with clear regulatory approvals in the United States. As a result, Cheeky Crypto’s crypto analyst Nick is of the opinion an XRP ETF could be on the horizon. Moreover, XRP has been recording higher daily transactions than the Ethereum network and also increased whale adoption. Notably, an XRP ETF approval could spark a huge bullish momentum beyond the ATH.
XRP Price Action
On the daily timeframe, the analyst argued that the XRP price is on the verge of a bullish rebound towards 70 cents. After last month’s major XRP breakout, Cheeky Crypto’s analyst expected an ABC correction toward the supply zone of around 54 cents. However, the analyst argued the bears could push further toward the next support zone of around 48 cents.
In regard to the weekly time frame, Nick argued that the XRP price is en route to trade between $5.4 and $11 during the next major crypto bull market. As a result, the analyst cautioned crypto traders expecting XRP price to go parabolic towards $589 or $10k during the next major crypto bull rally to be a bit more realistic with the diminishing returns.