The post Ripple News: XRP Price Up 66% in Two Weeks, XRP ETF Approval Rumors Gain Traction appeared first on Coinpedia Fintech News
The top altcoins register a massive intraday drop in the crypto market crash, signaling a FUD run. However, the XRP price shows a significantly lesser drop and a lower price rejection, hinting the altcoin is ready for a bounceback.
Prominent crypto influencer Wise Advice noted that in just two weeks, the price of XRP has surged by 66%, with a monthly growth of 27%, making it one of the biggest gainers in the crypto market. This sudden breather has boosted the XRP community’s faith, and there are rumors of an early approval of an XRP ETF. However, due to its SEC legal struggle, Ripple ETFs are doubted. However, recent events and large bulls openly supporting an XRP ETF could shift the game.
Here’s what you need to know about the current scenario!
Bullish Indicators
In a recent X post, Wise Advice highlighted that XRP Ledger is showcasing activity growth, particularly in creating new addresses and the total number of active addresses. These metrics have reached their highest levels since March, with a single day seeing the creation of 1,721 wallets and another day peaking at 47,000 active addresses. Plus, crypto whales have purchased over 140 million XRP, valued at $84 million, contributing to the overall growth.
SBI Holdings’ Potential Impact
According to Wise Advice, XRP’s strong presence in the US has made SBI Holdings plan a joint venture with Franklin Templeton to introduce Bitcoin ETFs to Japan and potentially Ripple ETFs to the U.S. As a major supporter of XRP, SBI Holdings has a history of promoting Ripple technology, dating back to 2016 when it created SBI Ripple Asia and later engaged with Japanese banks to adopt Ripple’s payment mechanics. This background suggests a strong possibility that SBI Holdings will advocate for an XRP ETF in the U.S. market.
Challenges Ahead
Despite the positive momentum, there are challenges to the immediate approval of an XRP ETF. At the Bitcoin Conference 2024, Robert Mitchnick, BlackRock’s Head of Digital Assets, expressed skepticism about the near-term approval of Solana and Ripple ETFs, citing their lack of maturity and liquidity.
Moreover, the ongoing SEC lawsuit against Ripple, which began in 2020 over allegations of unregistered securities offerings, remains a significant hurdle. Fred Rispoli, XRP Lawyer, expects the case to end this month, possibly by July 31, 2024.
The Path to an ETF
For an XRP ETF to be approved, there should be a strong demand, regulatory support, and sufficient liquidity. Compared to Ethereum, XRP’s trading volume is significantly lower, which poses a challenge. However, there is speculation that Donald Trump might include Solana and Ripple ETFs in his presidential campaign, potentially accelerating their approval if he wins.
In short, while XRP’s recent growth is impressive and there is potential for an ETF in the future, several obstacles need to be overcome, including regulatory approval and increased market liquidity.
