Amid today’s crypto market recovery, XRP stood out with a 6% daily gain, outperforming other major digital currencies.
Brazil approves the world's first spot XRP ETF: the market sees hope
The surge in XRP prices first stems from a major news from Brazil: the Brazilian Securities and Exchange Commission (CVM) officially approved the world's first spot XRP exchange-traded fund (ETF). This is a heavy endorsement of XRP and may also open a new chapter for ETF products in the global crypto market.
This approval is a huge boost to XRP, as it marks an important milestone in XRP's gradual move toward the mainstream investment market. At the same time, several well-known crypto asset management companies, such as Grayscale, Bitwise, 21Shares, etc., have also planned to launch similar products in the United States. It is expected that the U.S. Securities and Exchange Commission (SEC) will make a key decision in the next few months.
Whale activity draws market attention, XRP demand surges
In addition to favorable regulations, another major factor is the activity of whales. At the beginning of this week, large investors accumulated more than 150 million XRP tokens in just 48 hours, worth nearly $400 million. The whales' "bottom-fishing" actions not only reduced the circulation of XRP in the market, but also may further push up prices, provided that market demand remains stable.
The activity of whales usually brings two effects: first, it reduces market supply and drives up prices; second, the actions of whales often inspire more retail investors to participate, bringing a new round of capital inflows. Data shows that in the past 10 weeks, the number of large investors holding more than 100,000 XRP has increased by 261, indicating that large investors are still confident in the future prospects of XRP.
What is the price outlook for XRP?
In the past 24 hours, the crypto market has recovered slightly, and the prices of mainstream digital assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) have all risen. However, XRP stood out with a 6% increase, and once broke through the local high of $2.74. It is currently stable at around $2.70, and is obviously attracting more and more investors' attention.
The future of XRP is still bright, follow Brother Tang to learn more!
Ripple's strong comeback, whether due to Brazil's ETF approval or whales' active hoarding, has injected strong momentum into XRP's future. With the participation of more institutional investors, XRP's market potential is expected to be further released.
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