Over the past day, the value of XRP has increased by more than 17%, surpassing many other cryptocurrencies in performance. While Bitcoin, Ether, and SOL have also shown gains during this timeframe, their increases range from 2.7% to 14%. In comparison, XRP stands out with its substantial growth.
The price of XRP has climbed above $3, reaching a level not seen since 2018 and marking a new seven-year peak for the digital token tied to the XRP Ledger. This significant rise follows speculation about an upcoming launch of a spot exchange-traded fund (ETF) involving XRP in the U.S. market.
According to a recent report by JPMorgan, an ETF based on cryptocurrencies might attract billions of dollars from investors, thereby causing a substantial increase in demand for cryptocurrency. This increased demand could further boost the crypto’s price which has been steadily rising over the past few months.
Under President-elect Donald Trump’s administration, optimism about a friendlier regulatory climate boosted XRP, similar to other digital assets. Over the last three months, its value has soared approximately 490%.
In simpler terms, the expected adjustments, like setting up a tactical Bitcoin savings account and naming Paul Atkins as the leader of the Securities and Exchange Commission (SEC), have noticeably increased the trust among investors.
It’s significant to mention that Atkins is considered a supporter of cryptocurrencies, making him an intriguing choice for the regulatory agency role. This agency has been embroiled in a court case with Ripple, a key player in the XRP market, concerning Ripple’s sales of XRP tokens.
It’s relevant to point out that Atkins is viewed as a pro-crypto figure, which makes his appointment to the regulatory agency position interesting given the agency’s ongoing legal dispute with Ripple, a key player in the XRP market, over their sales of XRP tokens.
As a researcher delving into the world of cryptocurrencies, I find myself intrigued by the potential implications of President Trump’s pro-crypto stance. This bullish sentiment has sparked widespread speculation that XRP could soon debut a spot Exchange Traded Fund (ETF), offering investors a direct avenue for investing in this digital asset. A number of companies, such as Bitwise, Canary Capital, WisdomTree, and 21Shares, have already submitted applications for spot XRP ETFs. Ripple’s CEO, Brad Garlinghouse, has further fueled these expectations by stating that a fund like this is “inevitable.
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2025-01-16 17:19