- XRP has outperformed all different main cryptocurrencies.
- The SEC is contemplating 5 XRP ETFs.
- Market observers say XRP approval chances are high excessive.
XRP is up 10% this week, buying and selling at $2.69, and has outperformed all different main cryptocurrencies.
Bitcoin and Ethereum have solely posted minor good points this week whereas Solana and BNB are down 9% and eight%, respectively.
The XRP price rally comes amid a flurry of regulatory developments for the Ripple-linked cryptocurrency.
In the US, the Securities and Trade Fee acknowledged 5 spot XRP exchange-traded funds, which has ramped up the buzz a few doable launch this yr.
The SEC’s public acknowledgment doesn’t imply the filings have been authorized, however Lucas Sorlini, product head at institutional crypto platform Northstake, informed DL News that the odds are excessive.
Sorlini additionally estimated XRP ETFs might attract up to $800 million in inflows throughout the week after approval. JPMorgan predicted $8 billion flowing into the funding car inside the first yr.
And on Wednesday, Brazil’s regulator approved an XRP ETF by crypto fund supervisor Hashdex.
It’s the world’s first XRP ETF, which can ultimately commerce on Brazil’s inventory alternate.
Crypto market movers
- Bitcoin is up 1.2% over the previous 24 hours to achieve $97,441.
- Ethereum has additionally risen barely over the identical interval to $2,742.
What we’re studying
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Obtained a tip? Please contact him at osato@dlnews.com.
