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XRP ETF Approval Next? What Do the Experts Think?

21d ago
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XRP ETF Approval
XRP ETF Approval Next?

NAIROBI (CoinChapter.com) — The approval of Ethereum’s ETF on May 23 has ignited speculation about the possibility of an XRP ETF. Industry experts believe that XRP ETF could be next in line for approval, with Ethereum’s ETF success potentially paving the way for other digital assets. Here’s what experts are saying about the potential for an XRP ETF.

Expert Insights on XRP ETF Prospects

Analyst Brett Hill highlighted the significance of the Ethereum ETF’s approval. He believes the Ripple ETF is a logical next step. Many in the community share Hill’s optimism. They view XRP’s growing adoption and market stability as key factors.

A snippet of Brett Hill’s post on X

Furthermore, crypto enthusiast JackTheRippler projected that XRP could achieve a market cap of $500 billion, aligning with the positive sentiment around XRP’s potential ETF approval. An ETF for XRP would likely enhance its market visibility and liquidity, drawing institutional investors.

Market Performance Boosts Optimism

On May 24th, XRP demonstrated resilience amid market fluctuations, trading at $0.5282. This positive performance is backed by bullish momentum indicated by technical indicators such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI). If XRP can successfully break through the $0.5310 resistance level, it has the potential to climb to $0.5703, representing a substantial 8% gain.

XRP/USD 1-day price chart. Source: TradingView
XRP/USD 1-day price chart. Source: TradingView

The XRP Ledger (XRPL) ecosystem, particularly its DeFi sector, could also benefit from an ETF. Projects like CTF token on XRPL show significant growth potential. JackTheRippler noted that CTF could surge from 0.97 XRP to 374.25 XRP, driven by increased demand and limited supply. Such projections highlight the positive ripple effect an XRP ETF could have on related projects.

Should XRP surpass the $0.5310 resistance, it could reach $0.5703. This represents an 8% gain from current levels. However, a failure to close above this resistance might see XRP retracing to test support levels at $0.5064 or even the May 13 low of $0.4866.

The post XRP ETF Approval Next? What Do the Experts Think? appeared first on CoinChapter.

21d ago
bullish:

1

bearish:

0

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