Expert Claims XRP Price Surges by 20% and Anticipates Imminent ETP Introduction
Excitement ignited among cryptocurrency enthusiasts as XRP, often overshadowed by its counterparts, witnessed an impressive surge in price. On Monday, it soared by a remarkable 20.5%, smashing through various resistance levels to achieve a new yearly peak above $0.7440.
This surge comes at a time when many in the XRP community were apprehensive about its lackluster performance in the current bullish market. One individual closely monitoring XRP’s surge is Martin Hiesboeck, the Head of Research at Uphold Exchange.
“We are finally seeing the positive outcomes of increased development on $XRP since the lawsuit was settled! An XRP ETP is on the horizon as well. There is life in the old girl,” Hiesboeck tweeted.
Hiesboeck attributes XRP’s impressive performance to recent positive developments surrounding the asset, particularly following last year’s legal rulings.
Key developments worth noting include a legal victory in July 2023, which led to significant growth within the XRP ecosystem. Notably, opportunities for passive income for XRP holders through the upcoming Automated Market Maker (AMM) service have been approved. Additionally, institutions such as SBI in Japan have launched cross-border payment services across multiple Asian countries using XRP.
The buzz surrounding an XRP exchange-traded fund (ETF) continues to intensify. Hiesboeck confirmed that XRP is a qualified U.S.-listed fund vehicle awaiting activation, implying potential further price impact.
While optimism about XRP ETFs is growing within the community, major asset managers like BlackRock remain cautious. However, figures like Ripple CEO Brad Garlinghouse and Valkyrie chief executive Steve McClurg believe in the inevitability of an XRP ETF. Former Ripple director Sean McBride even predicts its availability either this year or in 2025.
Although the timeline for a U.S.-listed XRP ETF remains uncertain, new financial opportunities for XRP are emerging worldwide. For instance, an XRP exchange-traded product (ETP) has been listed on the Swedish Stock Exchange, offering investment opportunities.
Overall, XRP’s recent surge showcases its resilience and potential in the cryptocurrency landscape. As the ecosystem continues to evolve, all eyes are focused on the unfolding story of the XRP ETF, poised to reshape the digital asset’s trajectory in the near future.