$XRP , one of the favored altcoins in the cryptocurrency market, has pleased its investors with a 9 percent increase last week. So what is the reason for the recent movement in the price of XRP?
According to Glassnode data, the number of new addresses holding XRP rose to 3,677 on April 28, the highest level in the past two weeks. In addition to this data, which could signify both new capital and the influx of new investors, there is another promising metric.
The "activity" scale, which measures the activity of investors holding $XRP long-term, indicates that selling pressure is decreasing. According to the relevant scale, the activity of addresses holding XRP for more than 155 days has dropped to 0.81. This metric, which assumes that investors who do not move their XRP will not turn to a selling position, is often seen as a sign of increased confidence among investors.
On the other hand, another factor driving the price of XRP higher is developments in the exchange-traded fund (ETF) space, which will allow institutional investors to buy XRP without any cryptocurrency exchange. It is already known that many giant companies currently issuing Bitcoin ETFs are in communication with the U.S. Securities and Exchange Commission (SEC) regarding XRP.
Similarly, there are new developments regarding the launch of $XRP as an ETF. According to the application submitted to the SEC by ProShares, the issuer of the funds, XRP products that reach a 2x leverage will meet investors in the traditional market. The new products highlighted by the SEC include Ultra XRP ETF, Short XRP ETF, and Ultra Short XRP ETF. These products are expected to launch this week.
