XRP could be set for a breakout above the $3 mark as speculation that BlackRock may soon file for an XRP-spot ETF rises. Experts believe this could lead to increased interest from major investors, potentially driving new adoptions that could alter XRP’s trajectory.
XRP Price Jumps on Hopes for BlackRock ETF Approval
The XRP price has recorded spectacular gains as speculation over a BlackRock-backed XRP ETF intensified, suggesting bullish momentum. This also aligns with the meeting between the SEC and Ripple regarding the dismissal of the company’s cross-appeal, ultimately bringing the lawsuit to a close.
While BlackRock has not yet formally filed, insiders suggest that applications for both XRP and Solana (SOL) ETFs could arrive at any moment. An end to Ripple’s legal battle with the SEC is seen as the likely trigger that could expedite approval and unlock Wall Street demand. Crypto enthusiast Xaif contributed to the conversation, stating;
“BlackRock $XRP and SOL ETF filings could happen anytime soon. XRP holders, get ready for a big bang!”
Adding to this, Trump’s Truth Social platform has also filed for a ‘Crypto Blue Chip ETF’ that would hold primary tokens, including XRP. Meanwhile, the DTCC has recently added the ProShares Ultra XRP ETF (UXRP) to its list of products. This suggests that the market is getting ready for more options for XRP ETFs.
Beyond speculation, actual fund flows are signaling genuine interest. The Teucrium 2X Long Daily XRP ETF (XXRP) has received consistent investments every week since it launched in April. It is now nearing $160 million in assets. This is impressive, especially considering its expense ratio of 1.89%, which is significantly higher than those of popular ETFs, which typically charge less than 0.25%.
Notably, JPMorgan analysts predict that spot XRP exchange-traded funds (ETFs) might be approved later this year. They estimate these ETFs could attract up to $8 billion in funding within the first year. If this happens, it could greatly increase the price of XRP as money moves from larger assets into alternatives.
XRP Eyes $3 Next, Analyst Projects $9 As Possibility
The XRP price has surged by 6.1% in the early hours of today, after a 4.83% rally the previous day. This performance outpaced the broader crypto market’s 4.53% gain, raising the total crypto market cap to $3.56 trillion.
Experts note that if the XRP price rises above $2.56, $3 could be the next big target. Crypto analyst Javon Marks shared a post stating that the token could be on track to surge as high as $9.631, representing a 251% increase from its current levels.
Conversely, a slip below $2.50 could expose the altcoin to downside support levels at $2.40 and then $2.30. Yet, with BlackRock ETF speculation building and inflows to existing funds increasing, sentiment appears to favor the upside.
Coingape Staff
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