The rise in the price of XRP to $1.67 marks the highest level since May 2021, driven by significant developments in the cryptocurrency space. The recent moves by global ETF provider WisdomTree to list the XRP ETF on the Delaware stock exchange point to a crucial step towards regulatory approval. Besides the conversion of the XRP Fund European stock market trader to exchange-traded fund Bitwise Physical XRP, this momentum has sparked optimism among investors about futures in cryptocurrency investment instruments.
Ripple’s Strategic Investment and Market Fallout
Ripple’s commitment to investing in the new Bitwise Fund reflects confidence among industry leaders in the growing demand for crypto-linked products. With CEO Brad Garlinghouse confirming the inevitable approval of the XRP exchange-traded fund, sentiment in the market is shifting towards a more positive outlook, especially after the successful introduction of Bitcoin funds.and exchange-traded Ethereum in the US, where Bitcoin has $107.14 billion in assets under management. .
Legal challenges and their impact on XRP’s position in the market
Since 2020, XRP has faced legal challenges from the SEC, which have cast a shadow over its legitimacy as an asset. However, an important ruling this year noted that XRP is “not necessarily security on the face of it,” providing a degree of clarity to investors. Despite the SEC’s appeal to some aspects of this ruling, the shift in regulatory dynamics, especially with the departure of SEC Chairman Gary Gensler. Expected, reactivated XRP’s position in the market.
Future outlook amid regulatory changes
The ongoing regulatory changes seem to promise a more robust environment for crypto assets. Market analysts are watching closely as the expected reforms could pave the way for more institutional investment in cryptocurrencies.
XRP Rises on Expectations of ETF, Regulatory Changes
XRP rose to its highest level since May 2021, peaking at $1.67 on Friday morning, at the time of publication, the price of XRP settled at $1.66, up 13.8% on the day and 12.8% last week. Price moves come amid growing speculation that the XRP exchange-traded fund (ETF) It may be on the horizon, along with optimism about the possibility of change at the US Securities and Exchange Commission (SEC).
On Monday, global ETF provider WisdomTree registered the Delaware XRP ETF, according to Fox Business — the first step to obtaining product approval. Then on Wednesday, European company XRP ETP rebranded itself to Bitwise Physical XRP ETP where Ripple said it would invest in the fund. Garlinghouse’s remarks point to an uptrend as regulatory challenges diminish, signaling a potential turning point for XRP on its journey toward reaching past historic highs and reshaping the future of crypto ETFs. Some traders even bet on the XRP exchange-traded fund (ETF) in the US if regulations are relaxed.
“Global demand for exposure to the crypto asset class has skyrocketed in 2024, driven by growing interest in cryptocurrency-backed investment offerings,” said Brad Garling house, CEO of Ripple, in announcing the company’s plans to invest in the Bitwise fund. In October, Garling house said he believed the approval of an XRP ETF “is inevitable.”
However, with the market continuing to recover, the altcoin appears to be recovering better than other assets. Coin Market Cap data confirms that it has risen 16.76% over the past 24 hours and an even greater 20.55% in the past week, making it the biggest gainer among the top 10 assets.
XRP rises amid optimism and increased open interest
With the price of XRP, the possibility of obtaining ETF approvals, and evolving regulatory landscapes, the cryptocurrency market may be on the verge of a major transformation. Insights from industry leaders and legal developments point to a brighter future for XRP, suggesting that investors may see sustainable growth while establishing trust in cryptocurrencies as a legitimate asset class.
The price of XRP (XRP-USD) has been on a significant rise, rising more than 14% in the last twenty-four hours, rising to nearly the $1.70 mark, a level not seen since April 2021. This spectacular rally has put XRP in the spotlight, leaving major cryptocurrencies such as Bitcoin in its wake. What’s behind this rise? There is a mix of factors – fundamental and regulatory – that drive the craze XRP, including high open interest and expectations of a more favorable regulatory landscape.
XRP’s significant rally began earlier this month, after Republicans won the US election, which renewed investor confidence in U.S.-linked tokens such as XRP.
With over $2 billion in XRP-linked futures positions, the token’s open interest is at record highs, reflecting high expectations for further price movement. Some traders even bet on the XRP exchange-traded fund (ETF) in the US if regulations are relaxed.
Traders remain optimistic about XRP
With the price approaching $1.70, the Bulls are looking forward to the $2 mark. The current momentum and growing institutional interest in the XRP network, especially after the launch of the money market fund on XRP Ledger, made some traders feel optimistic about the future of the symbol. XRP’s strong performance made it the best performing key symbol of the month.
