XRP Sees 4.65% Surge Amid Potential US-based ETF Approval and Rising Whale Investments
Summary:
XRP's value has surged by 4.65% in the last 24 hours, reaching $0.542 on May 25. The rise in price is driven by rumors of potential US-based XRP ETFs and high buying interest among major investors, as well as Coinbase's re-listing of the cryptocurrency for its New York clients. Despite a possible fall due to market trends, XRP's price is expected to continue its upward trajectory.
In the past 24 hours, XRP's value has seen an uplifting 4.65% surge, taking its worth to $0.542 on May 25. This is consistent with the rest of the cryptocurrency market, as depicted by the XRP/USD versus TOTAL crypto market capitalization four-hour price chart. The momentum behind XRP's price boost is primarily credited to whispers around potential US-based XRP ETFs and increasing buying intent among major investors.
Anticipation around the launch of XRP ETFs is growing, reflecting positively on its price. Analysts, like Geoffrey Kendric from Standard Chartered, have earmarked SOL and XRP as potential ETF contenders following the approval of spot Ether (ETH) ETFs in the US, although they assert that such ETFs might not be launched until around 2025.
An additional factor fueling XRP's rise in value began on May 24, with Coinbase reintroducing the cryptocurrency to its New York user-base. This move marks a positive turn for XRP, which was delisted from all US markets after the SEC filed a lawsuit against Ripple, its parent company, in January 2021. The reintroduction of XRP aligns with the recently passed FIT21 bill by the House of Representatives, aiming to streamline regulations for the cryptocurrency industry in the US.
XRP's rising value is also linked to increasing purchases totaling $55 million by its wealthy investors, or 'whales.' On-chain data shows a growing accumulation of XRP in larger wallets holding between 100 million and 1 billion coins. Conversely, wallets holding between 100,000 and 1 million coins show a marginal decline in their holdings.
XRP's price hike is also seen as a reaction to hitting the bottom trendline of its current ascending triangle pattern. A fall below this trendline in a bearish scenario could witness prices drop to the $0.432-0.467 range in June. Despite this possibility, XRP seems headed for a continuous surge towards the triangle's upper trendline, targeting around $0.560 by end of May.
Published At
5/25/2024 4:45:48 PM
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