Key Takeaways:
- XRP has surged above 90% in the past 7 days, followed by the SEC leadership change speculation.
- The SEC-Ripple case remains one of the key factors affecting the coin’s price in the market.
- A potential BlackRock-XRP ETF could further propel the coin in the market.
The XRP, one of the top cryptocurrencies in the market has surged above 90% in the last 7 days. XRP is the native token of the highly famed open-source XRP Ledger. Ripple, a highly famous digital payment platform and protocol, is currently using the XRP in most of its solutions ‘cause of its efficient high-speed carbon-neutral delivery. In this article, we will look into the coin’s sudden surge in the coin’s sudden surge in the market, the factors that have influenced this surge, and how it looks for the coin in the coming future.
XRP Sudden Spike Amid SEC Leadership Change
The SEC leadership change speculation is one of the key factors that impacted the XRP coin’s current price in the market. The current SEC leader is Gary Gensler. He was the main man, who spearheaded the operations against the prominent crypto giants in the crypto market. Recently at the Practising Law Institute’s 56th Annual Conference on Securities Regulations, he had hinted about his possible departure from the department.
This has attracted the attention of a lot of investors. As Trump is in charge now, the next person will most likely be someone who supports crypto. There were some speculations that the Fox Business journalist Eleanor Terret is the next candidate to fill the vacancy left by Gensler. This is mainly to end the SEC’s regulation era and to pave the way for growth in the crypto industry. In the XRP’s case, this means that there is a huge probability that their spot ETF will be approved.
XRP- BlackRock ETF on the Horizon?
Garlinghouse, CEO of Ripple Labs, has hinted at a possible collaboration between BlackRocks and Ripple. This was regarding the matter of launching an XRP ETF in the USA. This can lead to a huge impact on the crypto market and can significantly increase XRP’s standing as well. It is also to be noted that this is not the only ETF associated with XRP. They have filed for almost 10 of them. Some of them include XRP-spot ETFs associated with Bitwise Files and Greyscales.
If these spot ETFs turn out like the BTC spot ETFs, then it could significantly drive up the price of the XRP coin in the market. If the legal challenges against the XRP are overcome, it could possibly pave the way for the groundbreaking XRP-BlackRock ETF. This could very well turn out to be a key factor behind the success of the coin in the market.
BlackRock’s iShare Bitcoin Trust alone in the US BTC-spot ETF market has a net inflow of $29,279 million since its launch. This is huge because the total net inflow of the ETF market is $27,461 million. This alone is enough to show the importance of BlackRock in the ETF market.
XRP Current Market Performance & Future Outlook
In the last 24 hours, the XRP rose by almost 10% and is now trading at $1.14. The coin is currently ranked #6 based on its market capitalization, which now stands at $64.83 billion. The coin’s bullish trend started on the 11 of this month with the US Presidential election and Trump’s victory. At that time, the coin was trading at $0.5510. From there, the coin has risen a lot in the market.
In the last 7 days, the coin has registered a growth of over 90%. However, the coin’s trading volume has registered a downward trend of 55.15% since yesterday. This might significantly impact the coin’s upward movement. Even with all of these drawbacks, if market favors the coin will likely soar higher and reach the $1.5 mark by the end of this year.
But if the BlackRock XP ETF becomes a reality, this price increase means nothing. XRP will blow through its all-time high. Further updates regarding this matter will be the key factor that decides the coin’s gain in the market.