XRP Bulls Eye $3 as ETF Approval Looms
AInvestSaturday, Feb 1, 2025 9:34 am ET
1min read
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Ripple's XRP Token Eyes $3 Price Tag as Investors Anticipate Breakout

Ripple's XRP token has been making waves in the crypto market, with investors and analysts alike anticipating a significant price increase. The token, which has been trading in a tight range recently, is now on the verge of a breakout that could see it reach the $3 price tag.

Technical indicators suggest that XRP could surge past its median Bollinger Band, which stands at $3.067, and test its upper Bollinger Band at $3.53. If the token hits this level, it will set a new high in this bull rally, with its current peak at $3.4, set just two weeks ago. This test of the upper Bollinger Band would confirm analysts' expectation that the token's bullish momentum since mid-January is sustainable over the next few weeks.

XRP's ascent is backed by continued adoption at both the retail and institutional levels. This week, Worksport, a clean energy market leader and one of the key Tesla suppliers, announced that it would incorporate XRP and BTC into its reserves. The XRP Preserves debate has also spread to the American government, with key XRP leaders, including Ripple CEO Brad Garlinghouse, proposing that the Trump administration should also hold XRP alongside Bitcoin on the national reserves, a proposal that has sparked heated debates.

Grayscale Files For Spot XRP ETF With The NYSE — What’s Next...

Crypto asset manager Grayscale applied to convert its XRP Trust to a spot XRP ETF. If the United States Securities and Exchange Commission (SEC) approves, the fund will be listed on the New York Stock Exchange. The successes of Bitcoin ETFs led investors to altcoin products in an attempt to replicate inflows. XRP bulls reacted positively to the news, but wider crypto sideways trading hindered more gains.

XRP Is Close To An ETF

With Grayscale’s application to convert its trust to a spot XRP ETF, the consensus is the market is at the cusp of approval. Although the process might take several months, the activities of institutional investors coupled with an easing regulatory landscape have raised appetite.

The grayscale move comes after similar efforts in Bitcoin and Ethereum while hinting at increasing

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