The post XRP ETF Anticipation Builds After Grayscale Trust Grows 300% appeared first on Coinpedia Fintech News
XRP is gaining attention as rumors are buzzing about a potential U.S. XRP ETF launch. Crypto expert Ben Armstrong aka 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 raised hopes that XRP ETF could be on the horizon, making it easier for investors to access the asset.
Ripple’s RLUSD Approval Boosts Confidence
Recently Ripple’s stablecoin, RLUSD, received approval from the New York Department of Financial Services (NYDFS). This has surely boosted optimism about Ripple’s ecosystem and its future potential. Investors see this as a positive step, especially as Ripple continues to expand its influence in the crypto space.
Anticipation of Pro-Crypto Policies
The recent election of Donald Trump, who has shown support for cryptocurrencies, has increased optimism for favorable crypto regulations in the U.S. Many believe this could lead to a settlement in Ripple’s ongoing lawsuit with the SEC, clearing the path for broader adoption and innovation.
Major financial firms like WisdomTree, Bitwise, and 21Shares have filed applications for XRP ETFs. These filings show strong institutional interest and could pave the way for the ETF launch. Investors are hopeful that these developments will push XRP further into the mainstream.
XRP’s Price Outlook
XRP the 4th largest cryptocurrency with over $130 billion market cap has seen impressive price movements recently, with a 250% rally over the past month. While it has dipped 5% in the last 24 hours, analysts like Armstrong remain optimistic, predicting a potential price of $4.5 by early 2025.
Technically XRP is looking good. A bullish flag pattern is forming, but the TD Sequential indicator suggests a short-term correction may occur first. The key resistance to watch is $2.46, as breaking it could pave the way to $3 and eventually $4. XRP’s RSI at 62 indicates it’s not overbought, leaving room for upward momentum. Broader market enthusiasm, driven by Bitcoin surpassing $100K and Ethereum’s stability, supports XRP’s potential rise. However, failure to sustain momentum could push prices below $2.
Crypto Reaction is Mixed
Despite the market cheering the XRP’s 250% rally, there is skepticism that the SEC may take time to approve XRP ETF due to Bitcoin and ETH ETF’s success. In a recent X post, VivekVentures.eth highlighted Ethereum’s central role 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 or becoming strategic reserve assets, Ethereum must first succeed.
This sentiment aligns with a comment by Jay Jacobs from BlackRock, who emphasized that the focus is currently on Bitcoin and Ethereum, as they are the primary assets attracting attention, with only a small fraction of clients owning Ethereum-based ETFs.
