Rumors are surfacing that an XRP-linked ETF might be on the verge of approval, and if that happens, we could be looking at some serious price action for XRP.
Wild dreams
This year has been a wild ride for XRP, especially after a favorable court ruling and the boost in market sentiment following Donald Trump’s election victory.
So far in 2024, XRP has skyrocketed by 311%, landing it in the third spot among the most valuable cryptocurrencies.
While investors and traders are already celebrating XRP’s gains, the excitement could ramp up even more with whispers of a spot XRP ETF getting the green light.
Eric Balchunas, a well-known ETF analyst at Bloomberg News, predicts a wave of cryptocurrency ETFs coming next year, especially with changes expected at the U.S. SEC after Trump takes office.
XRP ETFs on the line
Several financial firms, including Bitwise, Canary Capital, 21Shares, and WisdomTree, have already filed applications for an XRP-linked spot ETF, because the SEC’s earlier approvals of Bitcoin and Ethereum spot ETFs have opened the floodgates for similar product for altcoins.
The success of BTC spot ETFs is pretty hard to ignore, they’ve attracted over $140 billion in capital since their launch.
Balchunas calls these figures unreal, considering it’s only been 11 months since the first BTC-linked ETF hit the market.
$100 XRP here we come?
So the most important question now is with all this momentum behind it, can XRP really hit $100? It’s a chance, or it’s a delusion?
The price has been on a tear since the court ruling in its favor, showing that investor interest is alive and well.
XRP faces strong resistance levels at $2.75 and $2.90 that it needs to break through to reach new heights.
In early December, buying activity slowed down as traders took profits after the post-election rally.
While $100 might seem like a stretch right now, just a month ago, hitting $3 felt impossible, and many says this volatility is what makes crypto so exciting, things can change overnight.
Trump’s victory is certainly a tailwind for XRP as a U.S.-based project, and if the SEC shifts its stance on cryptocurrencies, it could pave the way for the ETF approval.
And if that happens, big if, and trading begins on an XRP ETF, there’s no telling how high XRP could fly, some analysts believe it could even surpass the $10 mark.
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