XRP’s price has been on a remarkable upward trajectory in 2024, marking a significant milestone for the cryptocurrency. After years of consolidation and legal battles with the SEC, XRP recently reached a seven-year high of $2.84, with its current price standing at $2.41. This surge in price comes amid a broader cryptocurrency market rally, which was notably influenced by Donald Trump’s pro-crypto stance and his political win. As Bitcoin and other altcoins gain momentum, XRP has benefitted from a wave of positive market sentiment, and this may just be the beginning.
The potential approval of an XRP ETF could be the next catalyst for even higher prices. ETF approvals for Bitcoin and Ethereum have already demonstrated how these financial products can drive massive inflows and price increases. Bitcoin’s spot ETF, approved in January 2024, saw Bitcoin’s price reach an all-time high of $106.4k. Ethereum followed suit with its ETF approval in July, leading to steady price increases and record inflows. XRP, which is currently the fourth-largest cryptocurrency by market cap, could experience similar outcomes, with some analysts predicting that the XRP ETF could push its price to $10 or even higher.
XRP ETF: A Game-Changer for the Token’s Price
The approval of the XRP ETF would not only increase institutional demand but also make XRP more accessible to retail investors, further boosting adoption. In the first month following the Bitcoin ETF launch, the fund received a massive $30.18B in inflows. Ethereum’s ETF saw more moderate inflows of $9.28B in its first month, but both assets demonstrated a clear trend of growing institutional interest. XRP, given its smaller market cap and price sensitivity, could see similar or even larger inflows, with estimates ranging from $1.8B to $2.3B in the first month.
However, the $10 mark for XRP might only be achievable if other factors align, including the conclusion of the SEC vs. Ripple case, the successful launch of RLUSD, and ongoing regulatory improvements. The combination of these events, alongside the ETF launch, could lead to a major surge in XRP’s price.
Final Thoughts
The approval of the XRP ETF is highly anticipated by investors and could act as a catalyst for further price growth. As the XRP token continues to rise amid legal and market developments, it’s poised for even greater potential, with $3 as a short-term target and $10 in the long-term, especially if the market dynamics align. With institutional demand rising and increasing ETF inflows, XRP is on track for a promising future in 2024 and beyond.
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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