The Price of XRP Surges to a Two-Month High
The price of XRP, the native token of the XRP Ledger, has reached a two-month high amidst a broader rally in the cryptocurrency market. This rally has also seen Bitcoin’s price reach a 16-month high. XRP’s price has increased by over 15% in the past week and 5.4% in the last 24 hours, now trading at $0.565.
Optimism Surrounding Approval of a Spot Bitcoin ETF
The surge in XRP’s price is attributed to optimism regarding the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. BlackRock’s proposed iShares spot Bitcoin ETF being listed on the Depository Trust & Clearing Corporation (DTCC) has fueled this optimism. DTCC provides post-trading, settlement, custody, and information services for Nasdaq.
XRP Outperforms Altcoins Due to SEC Charges Being Dropped
XRP has been outperforming many altcoins for various reasons. One factor is the U.S. Securities and Exchange Commission (SEC) dropping securities violations charges against Ripple’s executives. This development led to XRP experiencing its largest single-day surge in months.
“Smart Money” Investors Accumulating XRP
On-chain analytics firm Santiment suggests that the rise in XRP’s price can also be attributed to “smart money” investors. These investors, who hold between 10,000 and 10 million XRP, have been rapidly accumulating the cryptocurrency. They now hold 29.5% of XRP’s supply.
Analysts Remain Bullish on XRP’s Price
Market analyst Dark Defender remains optimistic about XRP’s price, with a bold price target of $5.58. This would represent a rally of over 1,000% from its current level. Additionally, Linda P. Jones, a former Morgan Stanley executive, expressed her bullish stance on XRP after Coinbase launched XRP perpetual futures for non-US investors and introduced other derivatives.
Hot Take: The Surge in XRP’s Price Reflects Growing Confidence
The recent surge in XRP’s price to a two-month high is indicative of growing confidence in the cryptocurrency. Factors such as the potential approval of a spot Bitcoin ETF and the dropping of SEC charges against Ripple’s executives have contributed to this positive sentiment. Moreover, “smart money” investors accumulating XRP and analysts’ optimistic price targets further reinforce the belief that XRP is on an upward trajectory.
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