XRP Price Surges and Sparks Speculation About the Launch of an ETF
The XRP price experienced a significant surge on Monday, increasing by over 27% from its intraday low. This surge allowed the cryptocurrency to break through multiple resistance levels and reach a new yearly high above $0.745. The sudden increase in price has attracted the attention of investors and has sparked discussions about the future of XRP, particularly regarding the potential launch of an exchange-traded fund (ETF).
Martin Hiesboeck, Head of Research at Uphold Exchange, has been actively commenting on the recent developments in the XRP ecosystem. He attributes the positive momentum of XRP to increased development efforts since the settlement of the lawsuit against Ripple last year. Hiesboeck also hinted at the possibility of an XRP ETF in the near future, stating that “there is life in the old girl.”
The Rocky Road To An XRP ETF In The US
While there is anticipation for an XRP ETF, the path to its launch in the United States remains uncertain. Major asset managers like BlackRock have taken a cautious approach towards cryptocurrencies and ETFs. However, industry insiders such as Ripple CEO Brad Garlinghouse and Valkyrie’s Steve McClurg express confidence in the eventual approval of an XRP ETF.
In a recent interview, Garlinghouse welcomed the idea of an XRP ETF, highlighting that it aligns with the natural progression towards diversification and maturity in investment markets. He drew parallels to the early days of the stock market when diversification was necessary for managing investment risk. McClurg also expressed optimism about potential filings for an XRP ETF given Ripple’s recent progress.
Although experts have lowered their expectations for a spot Ethereum ETF, an XRP ETF may have a higher chance of approval if Ethereum clears the way as the largest altcoin by market capitalization. Internationally, investment vehicles based on XRP are already available, such as an exchange-traded product (ETP) listed on the Swedish Stock Exchange and the 21Shares Ripple XRP ETP in Europe.
At the time of writing, XRP is trading at $0.68775.
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