The XRP market value keeps rising each day because industry professionals believe an ETF that invests directly in XRP can launch soon. The price of XRP peaked at $2.78 on Friday marking its highest value since this month started and added a 50% jump from its February record lows.
The gathering of investors matched up with an increase in their faith that the Securities and Exchange Commission (SEC) will license a spot XRP ETF during 2024. This data comes from Polymarket that tracks decentralized predictions about the launch showing 80% chance of approval while gathering $37,000 in betting numbers. Polymarket showed reliable accuracy when predicting major events in past elections and polls including the 2016 USA presidential election.
XRP ETF Applications Gain Momentum
Multiple financial companies like Grayscale, CoinShares, WisdomTree, 21Shares, Canary, and Bitwise have applied to create XRP ETFs. Under Paul Atkins at the SEC leadership the cryptocurrency regulator shows more openness to ETF applications than did Gary Gensler in his time as head of the organization.
After accepting Grayscale’s ETF application the SEC started its official 240-day assessment process by releasing Form 19b-4 notice. The advancing regulations produce more interest from traders and investors.
XRP continues to gain strength because the Trump administration supports cryptocurrency over all. The administration chose crypto-friendly Brian Quintenz to lead CFTC while Brian Quintenz works as an executive for the company a16z. Through his work Quintenz helps build market trust by asking cryptocurrency companies to explain their legal compliance.
SEC Decision Shapes XRP Future
As XRP’s market value climbs it creates positive changes for the entire XRP Ledger network. In the last 24 hours XRP Army showed a 26% increase with XPmarket, BearXRPL, DROP surpassing an 18% boost.
The ecosystem network of Sologenic and Coreum has seen double-digit token increases similar to other network members in recent weeks. Market analysts note that investors now trust crypto assets more and see better chances of institutional participation as the driving force behind their buying trend.
Despite its upward price movement Ripple token needs to climb past essential market barriers. Candlestick hammers show a buying opportunity yet Murrey Math Lines show that XRP might hit resistance in its current zone of extreme overshoot. The behavior during a Wyckoff distribution phase often leads to a price decrease because major shareholders start selling their holdings.
According to analysts Ripple token will keep growing if it clears its previous high of $3.40. When XRP breaks out over $3.40 its price action will initiate a bullish cycle that aims for $4.00 and extends further. When current prices decline the token may retrace towards particular support points at $2.50 and $2.30.
The SEC’s determination about XRP ETF applications becomes a focal point for all active market participants. When the SEC makes a favorable decision about XRP it will drive institutional investment seeking increased market share. Markets will stay highly volatile because traders remain sensitive to recent economic and regulatory changes.
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