Following strong stablecoin and ETF approval expectations, Ripple's XRP reaches $100 billion market value
Bitwise's André Dragosch said retail investors' growing needs would make XRP acceptance more possible in 2025.
If it breaks $1.96, XRP may rise 30%
After speculations of New York authorities approved Ripple's RLUSD stablecoin, XRP rose around $2 on Friday. Growing demand for an XRP ETF might speed its introduction in 2025.
Ripple's XRP is optimistic ahead of stablecoin clearance and ETF debut.
After encouraging developments on its stablecoin release and ETF certification, XRP gained double-digits on Friday.
The remittance-based coin rose 17%, surpassing BNB as the fifth biggest cryptocurrency and hitting $100 billion.
News that the New York Department of Financial Services (NYDFS) may approve Ripple's new stablecoin, RLUSD, for a December debut may explain the spike, according to Fox Business.
With a regulated stablecoin, Ripple hopes to provide clients a dependable alternative to XRP without the volatility and regulatory uncertainty of digital currencies.
This would pit Ripple against Tether and Circle in New York's regulated digital finance sector.
Bitwise researchers said Friday that an XRP ETF is more likely to get SEC approval in 2025.
Retail investors seek for XRP 4th in allocation, according to the research. Investors seem to be aggressively pursuing XRP exposure.
The survey also noted that XRP's many application cases, notably in conventional banking system cross-border transfers, strengthen its worth.
Coinglass data shows $24.75 million in liquidations in the previous 24 hours while XRP rose over 17%. Long and short liquidations were $7.58 million and $17.17 million.
A rounded bottom pattern is forming as XRP approaches the 2021 $1.96 high. XRP might rise 30% to $2.58 if it fails to reject at $1.96.
The RSI is deep in the oversold range, suggesting prices are hot and may correct.
The thesis fails if the weekly candlestick closes below $1.35.
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