The price of XRP increased by 31% last week to $1.46 due to the impact of recent positive developments and is estimated to reach $40 in the next three months.
According to one crypto investor’s analysis, if XRP’s price action follows the patterns from 2017, it could rise nearly 28 times from its current price to $40. The continuous positive news about Ripple and the liquidity token points to the potential for this price prediction to come true, but it is also stated that it will be a challenging process.
The rise in XRP price has been particularly driven by Ripple’s initiatives to tokenize real-world assets (RWA) in the form of money market funds and XRP’s investment in exchange-traded products. These developments continue to increase XRP’s price momentum.
In addition, the news that SEC Chairman Gary Gensler will resign on January 20 has had a positive impact on XRP. With the latest developments, Ripple has now attracted attention by investing in a new European XRP ETP called Bitwise Physical XRP ETP. This move caused the price of XRP to increase by 7.3% yesterday to $1.49.
Ripple CEO Brad Garlinghouse stated that such trends will accelerate as the regulatory environment becomes clearer and demand for products like the Bitwise Physical XRP ETP will increase. In addition, WisdomTree, which emphasized that interest in crypto ETFs other than Bitcoin and Ethereum has increased, recently filed an application with the Securities and Exchange Commission for an XRP ETF. In the European Union, products traded on cryptocurrency exchanges have been offered to both retail and institutional investors for a long time.