TL;DR
- XRP’s value has risen by 3%, reaching $2.29 in the last 24 hours, after weeks of trading between $2.00 and $2.29.
- The recent approval of the first XRP ETF by the SEC has fueled investor expectations, opening the possibility for a spot ETF.
- There has been an increase in market activity, with a transfer of over 29.5 million tokens worth around $69 million.
XRP’s value has seen a significant jump, reaching $2.29 in the last 24 hours, with a 3% increase. This surge comes after weeks of movement between $2.00 and the current value.
The key behind this surge lies in the recent approval of the first XRP ETF by the SEC, a historic event that has boosted investor and analyst expectations. This new product will focus on futures and marks a crucial step forward for both the cryptocurrency and Ripple, as it opens the door to a potential future approval of a spot ETF, which could bring more capital into the market and further elevate its price.
XRP Whales Are on the Move
The market has also shown signs of increased activity. In the last few hours, a transfer of over 29.5 million XRP, worth approximately $69 million, has been recorded from a private wallet to Coinbase. Although it is unclear whether the transaction is for buying or selling more assets, the volume and value suggest that large institutions and whales are heavily entering the market.
Additionally, rapid transactions have been recorded, demonstrating the growing agility of the market. In just 60 seconds, $30 million worth of XRP was traded, showing the speed at which capital is moving in the crypto market. This type of activity indicates that the price of the cryptocurrency could continue to rise in the short term.
Heading Toward $5?
Analysts have also begun to revise their predictions for the future of XRP. Many suggest that if buying volume continues to increase, the price could quickly reach $2.40. Some experts, such as the analyst World of Charts, believe that it could reach $5 in the near future, based on historical growth patterns, such as the price jump from $0.49 to $2.50 in a previous period.
Meanwhile, XRP’s network also shows signs of strengthening. There has been a 67% increase in the number of active users on the platform, a crucial factor driving the demand for the cryptocurrency
