- Ripple XRP price has surged by 5% today, driven by the approval of three leveraged Ripple ETFs in the United States.
- Despite not being the spot XRP ETFs the community anticipated, this development has sparked optimism about XRP’s future price potential.
The cryptocurrency market has experienced a relatively quiet 24 hours, with most assets either stagnating or showing minimal movement. However, amid the sluggishness, Ripple’s (XRP) price has emerged as the top performer among the larger-cap altcoins. Here’s why XRP is defying the trend and climbing higher.
Ripple Price Performance: A Noteworthy Surge
While Bitcoin’s price has seen a small dip from over $94,500 to under $93,000, Ripple’s XRP has made an impressive move. The fourth-largest cryptocurrency by market cap dropped briefly to $2.16 but swiftly recovered to hit a multi-day peak of nearly $2.30, marking a 5% increase in just a day. This price action is noteworthy, especially as most altcoins have remained stagnant or posted minor losses.
Ripple ETFs Get the Green Light
The main catalyst behind this positive price movement is the approval of three Ripple ETFs in the United States. ProShares has been given the go-ahead to launch three Ripple-based exchange-traded funds (ETFs): the Ultra XRP ETF (with 2x leverage), the Short XRP ETF, and the Ultra Short XRP ETF (with -2x leverage). These leverage products are similar to the XRP ETFs released by Teucrium earlier this month, though they are not the spot Ripple ETFs that the XRP community was hoping for.
The Future of XRP ETFs: High Expectations
Despite the current ETFs being a far cry from the long-awaited spot Ripple ETFs, analysts believe that these recent approvals are a significant step in the right direction. XRP’s price has already seen a noticeable boost from this development. The market is now turning its attention to the eventual approval of spot XRP ETFs, which some experts believe could have an earth-shattering impact on XRP’s price, with some predicting a possible surge to $100.
As XRP continues to rally, the optimism around its future remains palpable, especially with the potential for spot XRP ETFs to reshape the market. Stay tuned for more updates as the XRP saga unfolds.
