With almost 2.4 billion tokens moved in the past day, XRP, the payment cryptocurrency linked to Ripple Labs Inc., is now showing signs of a positive comeback. The movement of XRP since May 21 has been declining, thus the latest increase is noteworthy.
Factors fueling XRP’s surge
CoinMarketCap data shows that XRP rose by 0.18% to trade at $0.5265. Additionally, XRP’s market capitalization climbed by 0.29% to $29 billion, positioning it as the seventh-largest cryptocurrency globally.
The recent upturn in the overall cryptocurrency market is responsible for the present spike in XRP’s price. The prices of popular cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) have increased significantly in recent days.
Positive mood on the market could possibly have been impacted by anticipations surrounding the introduction of a spot XRP ETF. The expectation stems from the U.S. Securities and Exchange Commission’s (SEC) recent approval of spot Ethereum ETFs. As a result, XRP may be the next cryptocurrency to receive regulatory ETF clearance, according to several experts and cryptocurrency aficionados.
They assert that XRP may experience a supply shock if this ultimately occurs, which might lead to more price hikes. Brad Garlinghouse, the CEO of Ripple, shares this opinion. Garlinghouse stated in a previous U.Today article that the introduction of an XRP ETF is unavoidable.
XRP bridges crucial aupport level
In the past, XRP has found important support at the $0.51 mark. Observation shows that XRP holding this price has in the past caused a rise in the cryptocurrency’s price. Conversely, a breach below this level led to a decrease in price.
Consequently, given XRP’s current price of $0.5265, more rises may be in the works for the coin. Before making an investment in XRP, traders should, therefore, keep an eye out for further indicators that can affect the price of the digital currency.
