What is behind the upward movement in XRP?
$XRP , one of the crypto market's favorite altcoins, has made its investors happy with its 9 percent increase in the last week. So what is the reason for the recent movement in the XRP price?
According to Glassnode data, the number of new addresses holding XRP rose to 3,677 on April 28, the highest level in the last two weeks. In addition to this data, which can mean both new capital and new investor inflow, there is another promising metric.
The “vigor metric,” which measures the activity of investors holding long-term $XRP , indicates that selling pressure is decreasing. According to the metric in question, the activity of addresses holding XRP for more than 155 days decreased to 0.81. This metric, which is based on the assumption that investors who do not move their XRP will not switch to a sell position, is often considered a sign of increased confidence among investors.
On the other hand, another factor that triggered the XRP price upwards is the developments on the exchange-traded funds (ETF) side, which will allow institutional investors to buy XRP without any cryptocurrency exchange. Indeed, it is known that many giant companies that are currently issuing spot Bitcoin ETFs are knocking on the door of the US Securities and Exchange Commission (SEC) for XRP.
Likewise, there are new developments regarding the launch of $XRP as an ETF. According to the application made to the SEC by ETF issuer company ProShares, XRP products with up to 2x leverage will meet investors in the traditional market. The new products green-lighted by the SEC include Ultra XRP ETF, Short XRP ETF and Ultra Short XRP ETF. These products are expected to be launched this week.
⚠️ Note: My posts are not investment advice. There may be errors due to translation. Please do your own review. You can also write your thoughts in the comments section.
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