XRP is gaining significant attention again as discussions about the approval of the XRP Spot ETF heat up.
There are more than ten XRP ETF proposals from major organizations waiting for approval. If approved in Q3 or before the October deadline, XRP could see a strong price increase this year.
MAIN CONTENT
More than 10 XRP ETF applications are awaiting approval, with the possibility of being approved from July to October 2024.
Technical analysis shows that the price range of $2.26 – $2.45 is a key support level before a breakout opportunity.
XRP price forecasts suggest it could reach a minimum of $6.5 and a maximum of $26 by the end of 2025.
When will the XRP Spot ETF be approved and what does this mean?
Bitwise CIO Matt Hougan predicts that decisions regarding the XRP ETF could be made quickly, especially around July 2024, with many applications having deadlines for approval in October this year. This will pave the way for significant changes in XRP's price.
Currently, XRP ETF applications from Bitwise, Grayscale, Franklin Templeton, 21Shares, and Canary are under review. According to financial experts, if at least one proposal is approved, the XRP market is likely to react very positively.
The approval of the XRP Spot ETF will be a boost for XRP to enter a promising new growth cycle.
Matt Hougan, CIO Bitwise, 2024
What is the current technical analysis of XRP's price?
The price of XRP remains stable around the range of $2.26 to $2.45, this price range is critical for determining the next trend. Ripple is pushing for a national bank license in the United States, a move that helps solidify XRP's long-term vision but has not yet triggered short-term price growth.
Recent technical analyses indicate that if the price successfully breaks above the upper threshold, a strong upward trend may be triggered.
How much can XRP's price increase in the near future?
Analyst Casi Trades sets a minimum price target for XRP at $6.5. She plans to gradually reduce her position in the price range of approximately $8. If it surpasses the $13 mark, XRP could potentially reach $26 by the end of 2025.
"My minimum target for XRP is $6.5 and I will sell some when it reaches $8. If the market continues its upward trend, XRP could very well reach a new peak at $26."
Casi Trades, Cryptocurrency Market Analyst, 30/6/2024
When asked if XRP could reach $20 in the next 18 months, Casi said this is entirely possible if XRP maintains its strength in the next major price surge.
What factors determine XRP's next price increase?
Two key factors affecting XRP's trend are ETF approval decisions and important economic data from the United States in the near future. The approval of the ETF event will trigger significant volatility, creating opportunities for a superior price increase.
Meanwhile, reports on unemployment and inflation in the United States will also influence cryptocurrency market sentiment in general, and XRP in particular, in the short term.
Frequently asked questions about the XRP Spot ETF and XRP price
What is the XRP ETF? The XRP ETF is an exchange-traded fund focused on XRP, making it easier for investors to access XRP in the centralized market, enhancing liquidity and transparency.
When might the XRP ETF be approved? Decisions are expected to be made from July to October 2024, with the quality of applications and timing of reviews being crucial factors.
How much can XRP increase in 2024? Based on technical analysis and expert forecasts, XRP could surpass $6.5 and even reach $26 by the end of 2025 if the ETF is approved.
What does Ripple's application for a national bank license mean? This helps strengthen its legal position and expand XRP's application in financial products, contributing to its long-term value.
What factors will affect XRP's short-term price? Economic data from the United States, such as unemployment rates, inflation, and market sentiment, could cause XRP's price to fluctuate significantly before the ETF decision.
Source: https://tintucbitcoin.com/xrp-but-pha-sau-phe-duyet-etf/
Thank you for reading this article!
Please Like, Comment, and Follow TinTucBitcoin to stay updated with the latest news in the cryptocurrency market and not miss any important information!
