XRP, the 6th largest cryptocurrency by market capitalization, has just reached its highest price since May 2021, thanks to expectations surrounding the XRP ETF fund and potential changes at the U.S. Securities and Exchange Commission (#SEC ).
Strong price breakout
Highest price: $1.9448 on Saturday (according to Binance).
XRP ETF: New Hope
WisdomTree, a global fund provider #ETF , has filed for the XRP ETF in Delaware, a first step towards product approval.
Bitwise Physical XRP ETP: This fund has just been #Ripple announced for investment and rebranding, marking a strategic move in expanding cryptocurrency-based investment products.
According to Ripple CEO Brad Garlinghouse, the demand for investment products related to cryptocurrencies is booming globally. Garlinghouse believes the approval of the XRP ETF is 'inevitable,' especially after Bitcoin and Ethereum ETFs were approved in the U.S. this year.
Improved regulatory environment
XRP has been sued by the SEC since 2020 on allegations of being an unregistered security. However, a ruling in 2023 affirmed that XRP 'is not necessarily a security.'
Impact from SEC leadership change: News of SEC Chairman Gary Gensler's impending departure has created positive momentum for XRP, helping the coin continuously break price records over the past week.
Challenges remain
Despite reaching $1.94, $XRP is still far from the historical peak of $3.40 in January 2018, down about 51%. However, with increased regulatory transparency and ETF expectations, XRP may continue to attract funds from traditional investors.
Conclusion: Market momentum and changes in the regulatory environment are opening up significant opportunities for XRP. Will this price surge be enough for the coin to overcome challenges and reach historical highs again? Let’s wait and see!
