With all eyes on a potential breakout in cryptocurrencies, Ripple (XRP) could be gearing up for a $1 surge amid ongoing ETF hype. Not only did Ethereum receive spot ETF approval this week, but XRP is rumored to be a potential candidate for a similar investment product.
Ripple has failed to build any significant momentum over the past few months. In fact, XRP failed to break above the current $0.52 levels. Additionally, the asset has only grown 5% over the past month, according to CoinMarketCap.
As ETF Hype Heats Up, Can Ripple Aim for $1?
Throughout 2024, cryptocurrency-based ETFs have become a major discussion point in the financial sector. The emergence of spot Bitcoin ETFs and the approval of Ethereum iterations have caused widespread discussion. This hype has increased the overall exposure of the industry and prompted many to look for the next asset that could become a hit.
These two aspects could be particularly beneficial for an asset that could be preparing for a $1 surge amid ongoing ETF hype. Not only is XRP a popular ETF candidate, but when a spot ETF for Ethereum eventually goes live, it could benefit as the market surges.
One analyst says $1 is definitely a price target for the cryptocurrency. Specifically, EGRAG Crypto on X (formerly Twitter) shared his expectations that XRP could surge to $1.50. In fact, the analyst predicts a “white triangle” breakout will propel the asset to the predicted heights.
This is certainly an optimistic approach, but there is merit to this view. Currently, the asset’s lack of liquidity since the beginning of the year is a cause for concern. The biggest outstanding issue right now is the company’s ongoing litigation with the U.S. Securities and Exchange Commission (SEC).
A conclusion has long been expected in the second half of 2024. If it does come to pass, it could provide the asset with the necessary momentum to break through the $0.55 mark. However, until then, it is difficult to justify outright predictions that XRP will surge to $1.50.
The lack of movement in XRP following the Bitcoin MArch surge is a sure sign that the asset will not react dramatically to Ethereum’s approval. However, the conclusion of the SEC lawsuit, XRP’s sTablecoin, and its own ETF talks could be enough to send its value soaring.
If you don't know how to screen strong coins, I suggest you follow me. Whether it is spot or contract, a little shot may be your limit. The opportunity is short, so you must seize it! Success does not depend on luck. Choice is greater than effort. The circle determines destiny. In the currency circle, in addition to having a keen eye for judging the situation, you must also keep up with a good team and a good leader. If you follow me, you are already halfway to success in the currency circle! Near q1un add WeChat: 362014583
#5月市场关键事件 #BTC走势分析 #meme板块关注热点 #xrp
You can receive the latest free articles in the cryptocurrency world every day. If the articles are good, you can share them with everyone!
