Bittime - 2024 is a pivotal year for XRP. With Donald Trump's victory in the US presidential election and the court ruling in favor of Ripple, the price of XRP has skyrocketed by 311% this year.
Not only that, rumors about XRP ETF are also starting to be heard. Will this ETF be approved soon in 2025? Here is an analysis of the potential approval of XRP ETF in 2024.
Potential XRP ETF Approval
Bloomberg ETF analyst Eric Balchunas predicts a new wave of crypto ETFs in 2025. Major changes at the US SEC after Donald Trump returned to office as US president are a key factor.
Trump has appointed a new SEC leader who is more pro-crypto, replacing Gary Gensler who was known for his tough stance on digital assets.
Currently, several major companies such as Bitwise, Canary Capital, 21Shares, and WisdomTree have filed applications for XRP ETFs.
The approval of the XRP ETF is expected to be a major catalyst for the rise of the XRP price, similar to the success of Bitcoin and Ethereum ETFs which have attracted more than $140 billion in investment in less than a year.
Also Read: 4 Key Themes of Ripple's Annual Swell Conference
Potential XRP ETF Approval and XRP Price
However, can XRP price reach the $100 level? Currently, XRP is facing two major resistance levels at $2.75 and $2.90. If these levels are successfully broken, further upside is very likely.
This positive trend is supported by strong market sentiment, especially after the big surge after Trump's victory.
Moreover, if an XRP ETF is indeed approved, institutional capital flows are expected to increase, as they did for Bitcoin and Ethereum. While the $100 target is still far away, this scenario is not impossible in the highly dynamic crypto market.
Also Read: Ripple Officially Launches RLUSD: Here's How It Impacts XRP
Potential XRP ETF Approval: Still Awaiting
Meanwhile, Balchunas and analyst James Seyffart, predict that a combined ETF for Bitcoin and Ethereum will be the first to be approved.
Products proposed by asset managers such as Franklin Templeton and Hashdex are expected to get the green light earlier than XRP and Solana ETFs.
However, analysts remain optimistic that XRP and Solana ETFs will gain approval under the SEC's new leadership.
Also Read: Meme Coin XRP Ledger Strengthens: ARMY, BEAR, and MAG
XRP FAQs
What is XRP and What is its Use?
XRP is a digital asset created by Ripple Labs and designed to facilitate cross-border payments. XRP’s blockchain technology enables transactions in just a few seconds with very low fees, making it ideal for international money transfers and micropayments.
What is the Difference Between XRP and Other Cryptocurrencies Like Bitcoin?
XRP supports cross-border payment systems with a focus on speed and cost efficiency, unlike Bitcoin which functions more as a store of value and investment tool. In addition, XRP uses a consensus mechanism that does not require mining, making it more energy efficient.
How to Buy XRP?
XRP can be purchased through various exchange platforms such as Bittime, by visiting the trade page on the official Bittime website.
How to Buy Crypto on Bittime
Want to trade and buy Bitcoin and invest in crypto easily? Bittime is ready to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures that every transaction is safe and fast.
Start by registering and verifying your identity, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check BTC to IDR , ETH to IDR , SOL to IDR and other crypto assets rates to find out today's crypto market trends in real-time on Bittime.
Also, visit Bittime Blog for interesting updates and educational information about the crypto world. Find trusted articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your knowledge in the crypto world.
Reference
Christian Enchila, XRP Launches RLUSD: How It Has Impacted and Will Shape XRP's Price , accessed December 19, 2024.
Alejandro Arrieche, SEC To Approve XRP And Solana Joint ETF? Analyst Says Yes , accessed December 19, 2024.
Author: IPR
Comments
0 comments
Please sign in to leave a comment.