Ripple's XRP Bulls Eye $3.50 as Grayscale Files for ETF Conversion

XRP Price Prediction For February 3: Bulls Eye $3.50 As Grayscale Files For ETF Conversion

The crypto market is abuzz with anticipation as Grayscale has filed a proposal with the U.S. Securities and Exchange Commission (SEC) to convert its XRP Trust into a spot XRP ETF. This move, along with other regulatory developments, has sparked optimism among Ripple investors, who are eagerly awaiting the approval of an XRP ETF. However, some analysts believe that a Litecoin ETF could be approved before an XRP ETF, due to the SEC's ongoing classification of XRP as a security.

Despite the uncertainty surrounding the ETF approval, the XRP price has been performing exceptionally well. The asset has gained over 500% since its November low, reaching a new all-time high of $3.40. After a brief period of consolidation, Ripple is now trading sideways, with bulls working hard to stabilize the price above $3.00. The next crucial region for XRP is $2.80, and if the price drops below this level, a steep decline to $2.50 and $2.00 could result in a much deeper correction.

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