The price of XRP has experienced a remarkable surge this year following a positive court decision and the tailwind provided by Donald Trump’s victory in the November U.S. presidential election.
Thus far in 2024, XRP has seen its price increase by 311% while it jumped to 3rd place in the list of most valuable cryptocurrencies according to data from CoinMarketCap.
Although this performance has already been quite satisfactory to investors, the best may be ahead for this digital asset as rumors about the upcoming approval of a spot XRP-linked exchange-traded fund (ETF) have started to circulate.
Eric Balchunas, a well-known ETF analyst from Bloomberg News, said that he was expecting a “wave of cryptocurrency ETFs next year” possibly as changes within the U.S. Securities and Exchange Commission (SEC) are poised to take place shortly after Donald Trump takes office.
We expect a wave of cryptocurrency ETFs next year, albeit not all at once. First out is likely the btc + eth combo ETFs, then prob Litecoin (bc its fork of btc = commodity), then HBAR (bc not labeled security) and then XRP/Solana (which have been labeled securities in pending… pic.twitter.com/29vMdciZxE
— Eric Balchunas (@EricBalchunas) December 17, 2024
Applications for an XRP-linked spot ETF have already been filed from various financial services firms including Bitwise, Canary Capital, 21Shares, and WisdomTree, alongside several filings requesting the approval of Solana-linked vehicles as well.
The SEC’s nod to BTC and ETH spot ETFs at the beginning of the year has opened the floodgates for institutions to fantasize about the potential approval of other similar vehicles for alt-coins.
The success of BTC spot ETFs is undeniable as these vehicles have already attracted over $140 billion in capital inflows combined since they were launched.
For Balchunas, these numbers are “unreal” considering that it has been only 11 months since the first BTC-linked ETF was listed.
Can The Approval of an ETF Push the Price of XRP to $100?
This year has already been outstanding for XRP and the trajectory that the price has followed ever since the court ruled in its favor goes to show that investors’ interest in this digital asset is alive and kicking.
Currently, XRP has encountered two major resistance levels at $2.75 and $2.90 that it must overcome to reach new heights.
Market participants slowed down the pace of their buying spree in the first half of December, possibly to take some profits after an amazing post-election rally.
As the chart shows, the Relative Strength Index (RSI) was already stretched to its highest at that point and a pullback was due. However, now that trading volumes have subsided, late buyers could be considering that this is the right time to enter a position.
Moving forward, the trend line shown in the chart should provide the necessary legs for the rally. As long as the price stays above that boundary, chances are that we could soon witness a break above the $3 mark in the short term.
Although a $100 XRP seems a distant possibility at the moment, a $3 XRP was also out of the question just a month ago. This goes to show how things can change overnight in the crypto market. Only those with the discipline and willingness to endure uncertain times may be positioned to reap the biggest rewards over time.
In the case of XRP, Trump’s victory is certainly a positive tailwind for a US-based project like this while the SEC’s changing stance on cryptos could favor the approval of an XRP-linked ETF.
If this vehicle hits the trading desk, nothing can stop XRP from surging past the $10 mark as capital inflows going to BTC and ETH have already proven that both retail and institutional interest for cryptos is as strong as it has ever been.
This Presale Token Could 10X Faster Than XRP
XRP may end up the year as one of the top-performing crypto assets but its gains still pale in comparison to what certain presale tokens have seen in 2024.
Most investors may be satisfied with 100% or even 300% returns but life-changing wealth with small investments can only be achieved by multiple 10x and 100x gains on novel tokens that are flying below most people’s radar.
A rare gem in the crypto market known as Solaxy is currently being offered at an entry price of $0.001566 and investors have already poured $2.12 million into this project to get their hands on the first tokens that will be released to the market.
Solaxy is a Solana layer-two protocol that offers increased scalability, zero network congestion, and guaranteed transaction execution.
The presale period is about to expire as the project is close to hitting its funding milestone. Investors can get their hands on the first SOLX tokens by visiting the project’s presale website.
A $100 XRP may sound like a far-fetched prediction but a $1 SOLX is on the horizon once this project gets traction as the adoption of Solana-based meme coins continues to attract developers and crypto entrepreneurs to the space.
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