Key Points:
Bitgo and ViviPower announced a $100M XRP buy for treasury use, boosting corporate demand and market sentiment.
XRP advanced 0.85% on June 2, outperforming the broader crypto market as investor confidence grew.
Legal clarity and SEC settlement talks remain pivotal to XRP’s path toward ETF approval and new price highs.
XRP Gets Demand Boost in $100 Million Strategic Partnership
The SEC vs. Ripple case took a back seat on Monday, June 2, as investors turned their attention to institutional activity. Reports of Bitgo and ViviPower entering a strategic partnership to acquire an initial $100 million worth of XRP for treasury purposes boosted demand for the token.
Increased XRP demand from corporate America could tilt the supply-demand balance firmly in the token’s favor.
Despite this development, the Ripple case remains the key driver. A settlement and an end to the SEC’s and Ripple’s appeal and cross-appeal could pave the way to an XRP-spot ETF market. If the SEC approves pending XRP-spot ETF applications, similar flows to the US BTC-spot ETF market could drive XRP to fresh record highs.
21Shares, Bitwise Invest, Canary Funds, Franklin Templeton, Grayscale, and WisdomTree are among the issuers awaiting an SEC decision on their XRP-spot ETF applications.
XRP Price Outlook: Court Filings and ETF News
XRP $XRP advanced 0.85% on Monday, June 2, following Sunday’s 0.20% gain, closing at $2.1976. Notably, the token outperformed the broader market, which rose 0.54%, taking the total crypto market cap to $3.28 trillion.
XRP’s near-term price outlook depends on legal proceedings and spot ETF-related news.
A move through $2.50 could bring the May 12 high of $2.6553 into sight. A sustained break above $2.6553 could enable the bulls to target $3 and the record high of $3.5505. However, a drop below $2.1 could expose XRP to sub-$2 for the first time since April 11
