YEREVAN (CoinChapter.com) — The price of XRP has rallied over 12.5% year-to-date, vastly underperforming its top crypto rivals, Bitcoin (BTC) and Ethereum (ETH), which has surged 65% and 70% in the same period. Still, the lagging cryptocurrency may explode in the coming months.
XRP ETF Buzz Returns
XRP’s potential to hit home runs this year primarily takes cues from the growing buzz surrounding its exchange-traded product (ETP) launch. For instance, Martin Hiesboeck, the head of research at Uphold Exchange, says an exchange-traded fund (ETF) is “around the corner” following the legal settlement between Ripple and the U.S. Securities and Exchange Commission (SEC).
For the unversed: Ripple partially won a legal battle against the SEC after the U.S. District Court found that its XRP sales on public crypto exchanges did not constitute illegal securities practices. Nonetheless, the court underlined that Ripple’s token sales to institutional investors broke securities laws in the U.S.
The case now awaits a final verdict, which may come by May 2024. That is a primary reason why the Ripple crypto has underperformed in the crypto market so far this year.
Recently, XRP’s price went up a lot, by 20.5%, reaching its highest point for the year at more than $0.7440. This happened on Monday when it broke through tough spots that usually stop price rises. This increase is a big deal because its backers were worried about it not doing well in the market. But this jump in price shows XRP can still attract investors and do well, even when things in the market don’t look great.
As noted above, XRP ETF buzz can be one of the reasons behind the sudden price pump.
Garlinghouse Shows Confidence Toward ETF Approval
Amidst rising excitement within the XRP community for an ETF, leading asset managers, including BlackRock, are taking a careful approach to revealing such an investment product.
However, figures such as Ripple’s CEO Brad Garlinghouse and Valkyrie’s CEO Steve McClurg are convinced that the cryptocurrency’s ETF launch is just a matter of time.
Adding to this anticipation, Sean McBride, a former director at Ripple, boldly forecasts that the XRP ETF will hit the markets by this year or next.
We’re unsure when the US will get its XRP ETF, but other places are not waiting. For example, investors can now buy the cryptocurrency’s ETP on the Swedish Stock Exchange.
