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Why Is Ripple’s (XRP) Price Up Today?

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TL;DR

  • Most of the cryptocurrency market has stalled over the past 24 hours, but XRP has emerged as the top gainer from the larger-cap alts.
  • This comes amid positive news on the Ripple ETF front, albeit not what the XRP community anticipates.

Bitcoin, alongside most of the market, had a quiet weekend, but prices started to fall on Monday morning. BTC dropped by a few grand from over $94,500 to under $93,000 before it recovered to the starting lines. Consequently, bitcoin and most alts sit at essentially the same levels as yesterday.

In contrast, XRP dipped to $2.16 yesterday before it shot up to a multi-day peak of almost $2.3. Although it has retraced slightly since then, the fourth-largest cryptocurrency is still 5% up on the day, outperforming all top 25 alts.

The most evident reason for this is the approval of three Ripple ETFs in the United States. ProShares got the green light to launch Ultra XRP ETF (which has 2x leverage), Short XRP ETF, and Ultra Short XRP ETF (-2x leverage again).

The products are similar to the leverage XRP ETFs released by Teucrium earlier this month. Although they are not the spot Ripple ETFs expected by the community, it seems that the most recent approvals have given XRP’s price a notable bump over the weekend and Monday morning.

Popular crypto analysts believe the eventual approval of spot XRP ETFs will have a groundbreaking effect on the underlying asset’s price, with some shocking predictions setting targets of up to $100. More on the latest wild XRP predictions can be found here.

Amats Why Is Ripple’s (XRP) Price Up Today? appeared first on CryptoPotato.

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