A top analyst believes that XRP will reach a new all-time high if it breaks through key resistance levels. At the same time, ProShares has received approval for its leveraged UXRP ETF on NYSE Arca, which supports this prediction.
Expert Predicts XRP to Hit New All-Time Highs
Crypto expert Ali Martinez has doubled down on a bullish forecast for XRP, highlighting strong technical signals. According to him, XRP is “screaming all-time highs” as it tests the key $3 resistance.
The expert believes that a solid weekly close above $3 would pave the way for further gains, targeting $3.4 and the 2018 all-time high of nearly $3.8. Beyond that, he projects a potential rally toward $4.8 if XRP can maintain its bullish structure.
The growing regulatory clarity fuels the veteran analyst’s optimism, as well as Ripple’s imminent approval of its banking license and Brad Garlinghouse’s further involvement in shaping crypto policies in the US. Martinez contends that XRP is still solid in structure, with new products like the UXRP ETF poised to improve liquidity and growing investor interest.
UXRP ETF Approval Adds Firepower to XRP Price
ProShares has officially received the green light to list its Ultra XRP ETF (UXRP) on NYSE Arca, with trading expected to commence by week’s end. This leveraged product aims to deliver twice the daily performance of XRP, allowing traders to magnify gains and potentially losses based on short-term price swings.
The UXRP ETF does not directly hold XRP by design. Instead, it tracks price movements using futures contracts and rebalances daily to maintain twice the exposure. According to the fund’s prospectus, active traders rather than passive investors would benefit more from it because its performance may vary over longer time periods, particularly in volatile markets.
ProShares’ entry comes at a pivotal time, with analysts and market watchers expecting increased institutional participation in XRP derivatives. The DTCC has confirmed that the UXRP ETF is now on its clearing platform, which is a key step for starting live trading.
The UXRP ETF launch is part of a larger trend among institutions that could change the XRP market. This fund helps traders and fund managers invest in XRP using leverage. This could boost trading volumes and improve market liquidity.
Additionally, the CEO of Canary Capital believes that the XRP ETF could outperform the ETH and SOL ETF products, which supports its positive outlook. As the ETF gets ready to launch this Friday, many are watching to see if the token can maintain momentum above $3 and test its previous highs.
Michael Adeleke
Michael Adeleke is a passionate crypto journalist known for breaking down complex blockchain concepts and market trends into clear, engaging narratives. He specializes in delivering timely news and sharp market analysis that keeps crypto enthusiasts informed and ahead of the curve. With an engineering background and a degree from the University of Ibadan, Michael brings analytical depth and precision to every piece he writes.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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