XRP price has recorded a surge of over 4% today, indicating a positive momentum hovering in the broader crypto market. Besides, a flurry of recent market trends indicates that Ripple’s native asset might continue its rally in the coming days. So, here we explore some of the top factors that may push the asset’s price higher going forward.
XRP Price Soars 4%: Breakout Incoming?
XRP price soared more than 4% today and exchanged hands at $2.26, while its one-day volume fell 16% to $5.61 billion. Notably, the crypto has touched a 24-hour high and low of $2.28 and $2.14, respectively. Despite the recent volatile trading, it appears that Ripple’s native asset is gearing up for a robust rally ahead.
CoinGlass data showed that XRP Futures Open Interest rose nearly 8% today, indicating the regaining confidence of investors. Besides, the recent market trends also hint towards a continuing rally ahead.
Ripple Expands Into UAE Market
In a significant development, Ripple has announced its entry into the UAE markets, having secured the coveted DFSA License. This milestone marks Ripple’s first license in the Middle East, enabling the company to offer its cutting-edge cross-border crypto payments services in Dubai.
The UAE’s strategic location as a global hub for international trade and outbound finance, with a massive market size exceeding $400 billion, is expected to fuel XRP’s adoption. This, in turn, has bolstered investor confidence, setting the stage for a potential price surge.
As Ripple’s presence in the UAE grows, XRP price is likely to benefit from increased adoption and demand. With the broader crypto market exhibiting positive momentum, XRP is poised to capitalize on this trend.
Ripple SEC Settlement Bets
A significant development that’s contributing to the latest XRP price surge is the impending resolution of the long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
According to renowned crypto journalist Eleanor Terrett, Ripple’s legal team is pushing for better terms than the August 2024 District Court ruling, which imposed a $125 million fine on the firm for violating Federal Securities Laws. She also predicted that the Ripple Vs SEC case could be concluded soon.
Legal expert Fred Rispoli has downplayed the role of the SEC’s delay in resolving the XRP lawsuit, stating that the case’s resolution is simpler than anticipated. This optimism has contributed to the positive momentum surrounding XRP’s price.
XRP ETF Gains Momentum
Asset management giant Franklin Templeton’s recent filing for an XRP ETF has sparked excitement within the XRP community. The fund, which will be custodied by Coinbase Custody Trust Company, marks a significant development in the evolving crypto ETF landscape.
This development also fueled speculation that a spot XRP ETF filing from BlackRock, the world’s largest asset manager, could be on the horizon. This potential development has sparked optimism among XRP investors, who believe that a high-profile ETF filing could accelerate the approval process. Considering all these aspects and the recent surge, it appears that the XRP price is poised to continue its rally in the coming days.
The post Here’s Why XRP Price Can Go Up Today appeared first on CoinGape.
