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XRP ETF Launch Sparks Optimism in Crypto Market
Canary Capital Filing Boosts Prospects for XRP ETF Approval
Excitement surrounds the potential approval of an XRP Exchange-Traded Fund (ETF) as Canary Capital’s recent filing renews hope. Market experts speculate on the impact of this move on XRP’s future price.
The Road to XRP ETF Approval
With the recent filing by Canary Capital for an XRP ETF with the SEC, discussions on the possibility of approval have gained traction. Market analysts, such as ETF Store President Nate Geraci, express optimism about the potential approval, viewing it as a matter of “when, not if.”
However, the approval timeline may be influenced by changes in the US political landscape, with some investors looking to former President Donald Trump for support in the crypto sector. Others express concerns about the SEC’s regulatory stance and its implications on XRP’s ETF approval process.
XRP Price Movement and Market Forecast
At the time of writing, XRP shows a 1.02% increase in the past 24 hours, trading at $0.5309. Despite fluctuations, market indicators suggest a cautious outlook due to ongoing legal proceedings. Coinglass data hints at a potential price correction for XRP, with market sentiment leaning towards pessimism.
While the Relative Strength Index (RSI) indicates bearish momentum, market analysts project a possible rally in XRP’s price to $3 by Christmas, despite the uncertainties surrounding its ETF approval.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
