- With increasing XRP ETF applications, the market anticipates XRP price entering the price discovery zone with fresh all-time highs.
- In January, XRP surged 36.9%, outpacing Ethereum, which saw its market cap decline 4.7%.
Ripple’s native cryptocurrency, XRP, has managed to sail through the crypto market volatility, staying above $3, and is eyeing further gains ahead. Over the past 12 months, Ripple’s XRP price experienced a remarkable 486% surge, rising from a low of $0.3911 to a peak of $3.39.
Data from CoinCodex suggests that the XRP market is expected to experience uptrends in the coming months. Although a $5 target remains the main goal, reaching it within the first quarter may be challenging. However, the asset is projected to climb to $4.79 by March, marking a significant 50.90% increase, as previously mentioned in our report.
Now, with the increasing number of XRP ETF applications submitted to the U.S. Securities and Exchange Commission (SEC), analysts hope the Ripple cryptocurrency will enter the price discovery zone with fresh all-time highs.
XRP ETF Applications Can Push XRP Price Ahead
On Tuesday, REX Shares submitted its application to the U.S. Securities and Exchange Commission (SEC) to bring a spot XRP ETF to the market, as detailed in our last news piece. REX Shares, a renowned firm led by industry veteran Greg King, boasts a proven history of launching over 100 ETFs and financial notes. This new initiative positions REX Shares at the forefront of the growing trend of innovative crypto ETF filings.
Following the development, the XRP price is already up 4.5% in the last 24 hours shooting to $3.25. Furthermore, as per the Coinglass data, the XRP futures open interest has surged by 5.6%, moving past $7.14 billion.
Also, with the SEC Chair Gary Gensler resigning this week and crypto-friendly Mark Uyeda taking charge, crypto investors are hopeful of positive regulatory developments ahead. ETH Store President Nate Geraci stated:
Gary Gensler always referred to crypto as the “Wild West”… Under Trump administration, I think that’s exactly what we’ll get from an ETF perspective. Literally, ANYTHING is possible. Make of this what you will.
XRP Outperforms Ethereum
In a recent post, leading analytics platform Santiment highlighted that Ripple’s native cryptocurrency, XRP, outperformed Ethereum last month. XRP price saw an impressive 36.9% surge, while Ethereum experienced a 4.7% decline in market cap. The report also noted that Solana posted significant gains, rising by 32.2% from December 21 to January 21.
Highlighting a notable trend, the blockchain analytics platform stated: “The crowd has been slowly but surely turning against Ethereum (crypto’s #2 market cap) in favor of more exciting and outperforming assets like XRP (#3) and Solana (#4).”
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