The cryptomarkt is running at full speed. Bitcoin (BTC) pushed the sentiment up by set a new price record on Coinbase last night: $ 112,700. But it’s not just the big boys who benefit. XRP also makes itself heard and is about to break loose.
XRP is approaching outbreak
XRP is currently testing the crucial resistance of $ 2.46-2.48. According to analyst Shaurya Malwa, a confirmed outbreak can cause a further increase between 2.60 and 2.75 dollars. This would mean an increase of 12.3 percent in the most optimistic scenario. The test takes place after XRP has risen by 4 percent in the last 24 hours. This means that the price is 2.47 dollars, the highest level in a month and a half time.
When we zoom out further, we see that XRP has been in an upward trend for a long time. At the end of June the digital currency reached a local bottom of approximately 1.93 dollars. That decrease was caused by the rising conflict between Israel and Iran. Those tensions led to a short correction, followed by a ceasefire and a subsequent rally of 27 percent.
Garlinghouse gives XRP wings
An important engine behind the price increase was the speech of Ripple CEO Brad Garlinghouse during a hearing of the US Senate Committee for Banks. In his argument, he called for clear legislation for crypto, and emphasized that XRP now meets local regulations in more than 60 countries. Statements like that gives investors confidence, especially in a market that craves legal clarity.
The launch of an XRP Spot Exchange-Traded Fund (ETF) in the coming months also seems almost certain. Several requests have been submitted and it is now only waiting for approval by the Securities and Exchange Commission (SEC). Analyst James Seyffart from Bloomberg estimates the chance of approval this year at no less than 95 percent. A launch would open the door wide for large -scale investments. These ETFs are extremely accessible to institutional investors.
Source: https://newsbit.nl/xrp-stijgt-richting-275-dollar-analisten-zien-kans-op-etf/
