XRP price has recorded gains of over 6% today amid a flurry of positive market trends that have boosted the market sentiment. Notably, the surge in Ripple’s native asset comes amid a broader crypto market recovery, indicating renewed confidence of the investors towards digital assets. Besides, it also comes amid market optimism surrounding the XRP ETF developments, which might have further bolstered the confidence of the investors.
Why Is XRP Price Rising Today?
XRP price has recorded a massive surge today amid a broader market recovery. Here we explore some of the top reasons that might have contributed to the recent gains of Ripple’s native asset.
Crypto Market Recovery
The broader crypto market today has witnessed a positive momentum, which might have helped gains in the token. For context, Bitcoin price hovered around the $97K mark with its last 24-hour performance remaining in the green.
On the other hand, other top altcoins like Solana, Cardano, and others have also stayed in the green. It appears that the positive regulatory developments in the US and shifting institutional focus towards the digital assets space have helped gain XRP price today.
XRP ETF Gaining Momentum
A flurry of XRP ETF developments might have acted as a major catalyst behind the recent surge in Ripple’s native asset. For context, Hashdex has secured approval to launch the first Spot XRP ETF in Brazil. However, the market participants are now awaiting an official announcement of the launch date by Brazil’s B3 exchange.
On the other hand, the US SEC has acknowledged a flurry of ETF filings for the crypto, further bolstering market sentiment. For context, the regulators have recently acknowledged ETF filings by Canary Capital and WisdomTree. Also, this comes just after the US SEC acknowledged XRP ETF filings from Bitwise, Grayscale, and 21Shares.
Considering all these aspects, the market is betting towards a potential launch for the investment instrument in the US soon. According to Polymarket data, there is an 80% chance of Ripple ETF launching in the US in 2025.
Regulatory Development Fuels Market Sentiment
The US’s shifting stance towards a pro-crypto regulatory environment has fueled market sentiment. For context, the US SEC has halted several crypto cases like the Binance and Coinbase lawsuit, sparking market speculations. Now, the market is anticipating a similar move by the regulators for the long-running Ripple Vs SEC case.
On the other hand, Donald Trump has recently mentioned Ripple and XRP on the Truth Social platform. This movement has also gained market attention, with recent Ripple price analysis hinting towards a potential $100 rally ahead.
What’s Next For XRP Price?
XRP price has surged about 6% today and hovered near the $2.7 mark, while its trading volume soared 7% to $5.37 billion. Notably, the crypto has touched a 24-hour high and low of $2.74 and $2.55, respectively. Besides, XRP Futures Open Interest also rose 6% to $4.07 billion, reflecting the positive market sentiment, CoinGlass data showed.
Amid this, a top market expert EGRAG CRYPTO has shared key insights on the price trajectory of the coin. In a recent X post, the expert noted that if the XRP price maintains a strong momentum above $2.62, it could target $2.83 next.
In addition, EGRAG CRYPTO noted that once it breaks above the $2.83 support, it will target between the $2.9 and $3.10 range. So, looking at the current performance, it appears that the crypto is likely to reclaim the $3 mark soon.
Source: EGRAG CRYPTO, X
The post Here’s Why XRP Price Is Up 6% Today appeared first on CoinGape.
