XRP ETF Anticipation Builds After Grayscale Trust Grows 300%
XRP is receiving attention as rumors swirl about a possible XRP ETF launch in the United States. Cryptocurrency Expert Ben Armstrong AKA BitBoy tip pointed out that GrayScale XRP Trust has grown significantly by 300% since May, showing the market’s strong confidence in XRP. The performance has raised hopes that an XRP ETF will be launched soon, making the asset more accessible to investors.
Ripple’s RLUSD approval boosts confidence
Recently, Ripple’s stablecoin RLUSD received approval from the New York Department of Financial Services (NYDFS). This has certainly increased optimism about the Ripple ecosystem and its future potential. Investors view this as a positive step, especially as Ripple continues to expand its presence in the cryptocurrency space.
Expectations for Cryptocurrency Policy
The election of Donald Trump, who has recently shown support for cryptocurrencies, has increased optimism about favorable cryptocurrency regulation in the United States. Many believe this could lead to a settlement of Ripple’s ongoing lawsuit with the SEC, clearing the way for wider adoption and innovation.
Major financial firms such as WisdomTree, Bitwise, and 21Shares have submitted XRP ETF applications. The documents show strong institutional interest and could pave the way for the launch of ETFs. Investors hope these developments will push XRP further into the mainstream.
XRP Price Outlook
XRP, the fourth-largest cryptocurrency with a market capitalization of over $130 billion, has seen impressive price action recently, rising 250% over the past month. Although it has fallen 5% in the past 24 hours, analysts such as Armstrong remain optimistic, predicting a potential price of $4.5 by early 2025.
Technically, XRP looks good. A bullish flag pattern is forming, but the TD Sequential indicator suggests a short-term correction may occur first. The key resistance level to watch is $2.46, a break above which could pave the way for $3 and eventually $4. XRP’s RSI is 62, indicating that it is not overbought, leaving room for upward momentum. XRP’s potential gains are supported by broader market enthusiasm, driven by Bitcoin’s breakout above $100,000 and Ethereum’s stability. However, if the momentum cannot be maintained, the price may drop below $2.
Cryptocurrencies have mixed reactions
While the market is cheering XRP’s 250% rise, due to the success of Bitcoin and ETH ETFs, some suspect the SEC may take time to approve an XRP ETF. In recent X posts, VivekVentures.eth Highlight Ethereum’s central role in the future of cryptocurrency regulation.
He believes that for other Layer 1 assets such as ADA or XRP to achieve major milestones, such as the launch of an ETF or becoming a strategic reserve asset, Ethereum must first succeed.
This view is consistent with comments from BlackRock’s Jay Jacobs, who emphasized that the current focus is on Bitcoin and Ethereum because they are the main assets attracting attention, and only a small proportion of clients own Ethereum-based ETFs.
