What's Driving the Increase in Ripple's (XRP) Value Today?

XRP, the fourth-largest cryptocurrency, has seen a significant price rise of 5%, despite the overall stagnation of the cryptocurrency market. This increase is largely attributed to the approval of three Ripple Exchange Traded Funds (ETFs) in the U.S by ProShares, giving it the go-ahead to launch the Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF.

These funds will track XRP futures prices, offering traders the option for long and short positions. While these are not the anticipated spot Ripple ETFs, it is believed that their approval has contributed to the notable XRP price increase over the weekend and Monday morning.

The eventual approval of spot XRP ETFs is expected to further influence XRP's price significantly, with predictions reaching up to $100.