Ripple XRP’s potential for growth hinges on the possibility of an XRP ETF, according to Martin Hiesboeck, an executive at Uphold bank. Despite legal battles with the SEC over XRP’s classification as a security, Ripple CEO Brad Garlinghouse remains hopeful. Hiesboeck also expresses optimism about XRP’s trajectory, indicating that an XRP ETF could soon become a reality.
The anticipation of XRP’s rise is not without challenges. Ripple Labs is currently involved in a legal battle with the SEC to determine whether XRP should be classified as a security. The outcome of this case will have a significant impact on XRP’s future, particularly in relation to its eligibility for an ETF.
Garlinghouse has been vocal about the possibility of launching an XRP ETF, especially in light of recent regulatory developments. This reflects the growing interest among industry stakeholders to provide regulated avenues for investors to access XRP. With its rapid growth and high trading volume, XRP has emerged as a compelling candidate for ETF inclusion. The final decision from the presiding Judge overseeing the case is eagerly awaited, as it could sway the trajectory of XRP and its potential ETF.
The announcement that eleven prominent financial institutions, including BlackRock and Fidelity, plan to apply for an XRP ETF on April 12 has further boosted anticipation of XRP’s future. Analysts project that the ETF could inject over $150 million into the XRPL volume daily, significantly impacting the decentralized finance (DeFi) landscape.
Despite regulatory challenges, recent market trends indicate a bullish sentiment towards XRP. Its rapid growth and substantial trading volume position it as a strong contender for the next cryptocurrency ETF. XRP has experienced a 2% price surge in the past 24 hours, currently trading at $0.58. This increase in price is accompanied by a significant rise in trading volume, signaling increased interest among traders.
CoinGlass data reveals a notable uptick in Open Interest for XRP, which has increased by 4.26% in the last 24 hours, reaching $945.87 million. This rise in Open Interest indicates growing anticipation and participation in the market as investors prepare for potential price fluctuations.