A recent price surge in the price of XRP has reignited optimism within the crypto market, particularly among XRP holders. This positive movement comes after a period of underperformance compared to the broader crypto market.
On March 12, 2024, XRP experienced a significant price increase, breaking through multiple resistance levels. It climbed to $0.74, crossing $0.7 for the first time since early November 2023. This surge also made the digital asset the best-performing cryptocurrency among the top 100 crypto in the market.
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This notable gain coincided with growing anxiety among XRP enthusiasts regarding the asset’s lackluster performance during the ongoing market upswing. As a result, the sudden turnaround has garnered significant attention from crypto investors.
Positive Developments Fueling Growth
Market analysts attribute XRP’s impressive performance to a combination of factors. The hope for an XRP resurgence kicked into high gear in July 2023 following the pivotal court ruling cementing XRP’s non-security status. This ruling had a significantly positive impact on XRP, sending it to a $0.93 yearly high.
The XRP ecosystem has also witnessed significant development activity since the July ruling. A key example is the upcoming Automated Market Maker (AMM), which will offer passive income generation opportunities for XRP holders.
Industry Experts Anticipate XRP ETF
Leading crypto figures, including Martin Hiesboeck, Head of Research at U.S.-based exchange Uphold, have commented on XRP’s recent surge. Hiesboeck suggests that the positive developments surrounding XRP are contributing factors. He further hinted at the potential for an XRP Exchange Traded Product (ETP) to be introduced soon.
We are finally seeing the fruits of increased development on $XRP since the lawsuit was settled! An XRP ETP is around the corner too. There is life in the old girl.
— Dr Martin Hiesboeck (@MHiesboeck) March 12, 2024
Beyond the AMM implementation, the XRP ecosystem has seen further expansion on a global scale. For instance, Japan’s financial giant, SBI Holdings, began utilizing XRP for cross-border payment services in three Asian nations in September 2023. The growth of XRP and XRP Ledger (XRPL) has stirred up questions within the community about XRP ETFs.
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Bitcoin (BTC) is currently on an unprecedented run, largely attributed to the Bitcoin ETF approval in January, and with Ethereum ETFs coming soon, the XRP community is eager to see XRP ETFs become a reality.
While prominent asset managers like BlackRock have remained tight-lipped regarding the development of such a product, the legal clarity surrounding XRP’s status strengthens the case for approval. Several industry experts, including Ripple CEO Brad Garlinghouse and Valkyrie executive Steve McClurg, have expressed their belief that a U.S. XRP ETF is inevitable.
While the exact timeline for an ETF launch in the U.S. remains uncertain, the global momentum behind XRP continues to build, and the ETF could take XRP’s price to unprecedented heights.
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