XRP Market Soars Towards $5 as SEC Reviews Bitwise ETF
The XRP community is buzzing with excitement because the Securities and Exchange Commission (SEC) has acknowledged its third XRP ETF. The SEC’s recent acknowledgement of Bitwise’s XRP ETF has sparked optimism for a significant surge in XRP’s price. Despite the current bearish trend for XRP, analysts and market experts are still positive about the potential for XRP’s price to reach new highs.
Analysts Predict XRP Price Could Surge to $5
Currently, XRP’s price is experiencing a bearish trend, mirroring the broader crypto market. However, analysts remain optimistic about XRP’s future price movements. For example, Dark Defender, a well-known crypto analyst, has predicted that XRP’s next major Fibonacci level is $5.85.
According to the analyst’s post on X, the XRP price has successfully broken through two white resistance levels and is now targeting the significant $5.85 mark. If XRP reaches Dark Defender’s predicted price, it would represent a substantial increase of 261.80%.
Another important Fibonacci level for XRP is at a more ambitious $18.23, which would be an aggressive increase of 361.80%. Therefore, the analyst remains confident in XRP’s potential to move upwards.
SEC Acknowledges Bitwise’s XRP ETF
In a significant development, the Securities and Exchange Commission (SEC) has acknowledged the XRP exchange-traded fund (ETF) from Bitwise. This move is being widely celebrated within the crypto community, as it is seen as a positive signal for XRP’s price.
This is the third XRP ETF to be acknowledged by the SEC, following earlier acknowledgements of XRP ETFs from Grayscale and 21Shares. Last week, the SEC acknowledged the XRP ETF application submitted by 21Shares.
Institutional Interest Growing, Impacting XRP Price
Institutional demand for XRP is on the rise, with several major players taking steps to leverage its potential. Grayscale has submitted a filing to convert its XRP Trust into an ETF, while CBOE and Nasdaq have both filed 19b-4 forms for XRP ETF listings.
Furthermore, the stock exchange MEMX has also filed with the SEC to list an XRP ETF, classifying it as a commodity-based trust. This classification is consistent with previously approved ETFs for Bitcoin and Ethereum. However, despite these encouraging developments, SEC approval of XRP ETFs is still uncertain.
Market Trends Suggest Potential New Highs
At the time of writing, XRP is trading at $2.50, showing a daily decrease of 5.18%. However, XRP’s price has risen by 4.5% over the past week, despite being down 21% over the last month. With a 4.2% increase in its 24-hour trading volume, which is currently at $5.08 billion, XRP continues to attract investor interest.
Supporting Dark Defender’s analysis, experts like Solberg Invest believe that XRP is “on the verge on something big.” According to Solberg Invest’s analysis, XRP’s price could reach $4.4 in the near future.
