What Could Happen to the Price if the XRP Spot ETF Is Approved? Analysis Company Warns Based on Past Examples

Cryptocurrency analysis firm Alphractal has issued some notable warnings in its assessment of XRP. The firm stated that despite the optimism in the markets regarding the XRP ETF approval, there is still a large amount of long position accumulation at low price levels. Alphractal said that XRP has accumulated a large number of unliquidated long positions on various exchanges. He added that there are areas where possible liquidations are concentrated, especially at $2 and below. The company also referred to past experiences. Recalling that they drew attention to a similar picture during the Bitcoin ETF approval process, Alphractal stated that they warned that the $ 49,000 level could be a bull trap at that time and that this warning came true in a short time. Bitcoin experienced a pullback of $ 11,000 a few days after the ETF approval, and then entered a new bull market. Related News: Bitcoin (BTC) Miners’ Selling Pressure Drops to Lowest Level in a Year: What Does This Mean for the Future Price? Alphractal added that it is unclear whether a similar scenario will occur for XRP, but the high level of speculation and intense long position accumulation should definitely be taken into account in the analysis. According to Binance TR data, XRP is currently trading at $2.27, up 2 percent in the last 24 hours. *This is not investment advice. Continue Reading: What Could Happen to the Price if the XRP Spot ETF Is Approved? Analysis Company Warns Based on Past Examples

Source: BitcoinSistemi