XRP (Ripple) has long been on investors’ radars, with anticipation building for a breakout fueled by favorable market trends and a potentially shifting regulatory landscape. Now, a top analyst has thrown gasoline on the fire, predicting a staggering $3 trillion market capitalization for XRP in the next cycle.
This bullish prediction coincides with Ripple CEO Brad Garlinghouse’s unwavering belief that XRP could be the next cryptocurrency to secure a spot exchange-traded fund (ETF) in the US. Garlinghouse, speaking at Consensus 2024, expressed confidence in the eventual approval of XRP, Solana (SOL), and Cardano (ADA) ETFs, stating, “It’s just a matter of time.”
Related: XRP, Solana, Cardano ETFs: Ripple CEO Foresees “Inevitable” Launch After SEC Approves Ether ETFs
His optimism follows a landmark policy shift by the US Securities and Exchange Commission (SEC), granting regulatory approval to several spot Ether ETFs. This green light sent the price of Ethereum soaring to its highest level since March. The final hurdle for these ETFs involves S-1 registration statements becoming effective before trading can commence.
Industry giants like VanEck and BlackRock have already submitted S-1 filings, with BlackRock revealing a $10 million seed investment for its ETH ETF. This flurry of activity suggests a growing appetite for crypto-backed ETFs, potentially paving the way for an XRP ETF in the near future.
Adding fuel to the XRP fire is technical analyst Egrag Crypto, who identified a significant price indicator known as “the White Channel.” XRP’s market cap has been trading within this channel since 2017, and historically, it has proven to be a reliable predictor of price movements. A sustained breakout above the White Channel could trigger a parabolic surge for XRP, propelling its market cap to a staggering $3 trillion.
While XRP currently sits at a modest $28.6 billion market cap, Egrag Crypto suggests even reaching the top of the White Channel would translate to a significant leap, pushing the market cap to nearly $290 billion. This initial surge could be the catalyst for a much larger explosion, potentially dethroning crypto giants like Ethereum and Bitcoin if the $3 trillion prediction materializes.
However, it’s important to note that XRP’s price currently reflects a tug-of-war between bullish and bearish forces, with neither side exerting dominance. As of today, trades at $0.517, according to CoinGecko.
Also Read: Ripple vs. SEC Heats Up: Confidential Docs, XRP Breakout Predictions, And A Price Stuck In Limbo
Only time will tell if XRP fulfills its breakout potential. But with a confluence of positive factors – potential ETF approval, favorable technicals, and growing institutional interest – XRP’s future appears brighter than ever.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
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