The XRP price struggles continue with the Ripple vs SEC lawsuit pause, a delay in XRP ETF approval, and amid the ongoing macroeconomic events. A much-needed catalyst is the updates on these three factors. Interestingly, something might be happening on May 1 and June 9, as an expert claims a BlackRock insider advised him to watch these dates. Why? Let’s discuss.
Why Are Experts Eyeing May 1 and June 9 for XRP Price?
April is near its end and has not been entirely favorable for the crypto market’s performance, affecting the XRP price as well. The altcoin had a massive decline to $1.65 before recovering to $2.27. However, this is nowhere near the anticipated targets.
Crypto analyst Bale’s X post claims his insider friend at BlackRock has highlighted two key dates, i.e., May 1 and June 9. Although his post did not include any context of what’s happening, the crypto community anticipates it as a potential date for BlackRock’s XRP ETF filing or some similar bullish events, like the end of the Ripple vs SEC lawsuit.
Grayscale, Bitwise, and other ETF issuers have already filed for more than 15 XRP ETFs. Teucrium launched a leverage XRP ETF, and CME is set to launch one on May 19, and a few more around the globe.
However, BlackRock has not filed any yet. Some anticipate it as a lack of trust in this digital asset. However, experts anticipate it to be their cautious approach, which might settle this May 1 or June 9.
A fellow investor highlighted that it can be related to the 1 billion Ripple token release from escrow. Notably, these tokens are not released in the market. Instead, they are distributed among crypto exchanges and liquidity providers to provide liquidity.
The remaining ones get sent back to the Ripple, but this dilutes the supply, affecting the Ripple price.
XRP Price Prediction: A Crash is Forming
The Ripple token is at a critical juncture where its next move will decide its trajectory. The XRP price chart shows mixed signals, and so are the experts’ predictions. Pseudo-anonymous crypto analyst Bit Bull claims that the token has already touched the upper trendline resistance and will move downwards next.
His analysis is based on the liquidation data, as it reveals investors are opening more short positions, suggesting XRP may continue to fall.
Another analyst points out that the Ripple token is below the bull market support band (the one behind the March rally). As a result, a potential crash to $1.24 is possible before the upward momentum builds. Interestingly, this level coincided with the 2024 end breakout to $3.4.
However, this is just anticipation considering current conditions. Experts also anticipate different results based on different metrics. Therefore, investors must track XRP’s further move for better insight, especially as May 1 and June 9 are approaching.
The post Will XRP Price Soar After May 1 and June 9? Here’s What to Expect appeared first on CoinGape.
