NewsXRP ETF to Launch Soon? Odds Increase After Grayscale Trust Jumps 300%
Qadir AK13 Dec 20243 min read
XRP is grabbing attention as rumors swirl about a potential U.S. XRP ETF launch. Crypto expert Ben Armstrong, also known as BitBoy, pointed out that the Grayscale XRP Trust has grown by a massive 300% since May, showing strong market confidence in XRP. This performance has sparked hope that an XRP ETF might be on the way, making it easier for investors to access the asset.
Ripple has recently gained more momentum with the approval of its stablecoin, RLUSD, by the New York Department of Financial Services (NYDFS). This approval has boosted optimism about Ripple’s ecosystem and future prospects.
Investors see it as a positive sign, especially as Ripple continues to expand its role in the crypto space.
Pro-Crypto Policies Incoming?
The election of Donald Trump, a known supporter of cryptocurrencies, has raised hopes for favorable crypto regulations in the U.S. Many believe this could help settle Ripple’s ongoing lawsuit with the SEC, opening the door for greater adoption and innovation in the market.
Several major financial firms, including WisdomTree, Bitwise, and 21Shares, have filed applications for XRP ETFs, signaling strong institutional interest. These filings could be an important step toward launching an XRP ETF, helping to bring the asset further into the mainstream.
XRP Price Outlook
XRP, the fourth-largest cryptocurrency with a market cap over $130 billion, has seen a remarkable 250% price increase in the past month. Although it dipped 5% in the last 24 hours, experts like Armstrong remain hopeful, predicting a price of $4.50 by early 2025.
From a technical perspective, XRP looks strong. A bullish flag pattern is forming, but the TD Sequential indicator suggests a short-term correction may happen first. The key resistance level to watch is $2.46, as breaking this could lead to gains toward $3 and eventually $4. With an RSI of 62, XRP isn’t overbought, meaning there’s still room for upward momentum.
Broader market enthusiasm, especially with Bitcoin surpassing $100K and Ethereum holding steady, also supports XRP’s potential. However, if the momentum fades, prices could fall below $2.
Crypto Market Reacts
Despite XRP’s impressive 250% rally, some doubt the SEC will approve an XRP ETF anytime soon, especially given the success of Bitcoin and Ethereum ETFs.
In a recent X post, VivekVentures.eth emphasized the importance of Ethereum in the future of crypto regulation. He argues that for other Layer 1 assets like ADA or XRP to achieve major milestones, such as ETF launches, Ethereum must succeed first.
This view aligns with comments from Jay Jacobs of BlackRock, who noted that the focus is currently on Bitcoin and Ethereum, as they are the top assets attracting attention, with only a small number of clients owning Ethereum-based ETFs.
Ripple’s growing influence and the potential launch of an XRP ETF are turning heads. This is a story for the books!
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FAQs
- An XRP ETF would make it easier for investors to access XRP through traditional financial markets, boosting its mainstream adoption.
