Regulatory Prerequisites For Spot XRP ETF
In order for a spot XRP ETF to be launched, a futures ETF must first be established. This is similar to the process that Bitcoin went through before its spot ETF was approved. The Securities and Exchange Commission (SEC) required sufficient surveillance against fraud and manipulation in the Bitcoin futures market before approving the Bitcoin spot ETF.
According to FOX reporter Eleanor Terret, the establishment of a futures ETF for XRP would be a step in the right direction towards a spot XRP ETF. Bloomberg ETF expert James Seyffart also believes that an XRP ETF is unlikely to launch this year due to ongoing regulatory issues with Ripple. Seyffart suggests that XRP futures trading on a regulated platform like the Chicago Mercantile Exchange could help pave the way for a spot XRP ETF.
XRP’s Future Potential – From $0.5299 To $27?
Crypto market analyst EGRAG crypto has conducted a price analysis of the XRP token. Despite experiencing a peak in 2023, the token has retraced over 15% since the start of 2024. However, EGRAG believes that the 21 Exponential Moving Average (EMA) on the monthly time frame is a significant indicator for assessing XRP’s price movement.
EGRAG’s analysis focuses on three potential price levels for XRP: $3.5, $6.5, and $27. Based on previous instances, EGRAG extrapolates potential future price movements using percentage increases observed in the past. The first scenario suggests a massive 4500% increase to $27, while the second scenario predicts a solid 1000% increase to $6.5. The third scenario anticipates a significant 500% rise to $3.5.
Hot Take: XRP’s Potential Price Movements
While the possibility of a spot XRP ETF is still uncertain, regulatory prerequisites and ongoing legal issues with Ripple must be addressed. Establishing a futures ETF for XRP and ensuring its trading on a regulated platform like the Chicago Mercantile Exchange could increase the chances of a spot XRP ETF in the future.
As for XRP’s price potential, EGRAG crypto’s analysis suggests that there are three possible scenarios. The most optimistic scenario predicts a massive 4500% increase to $27, while the more conservative scenarios project increases of 1000% to $6.5 and 500% to $3.5. However, it remains to be seen whether XRP can overcome resistance levels and break its downtrend structure.
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