XRP News Today: XRP Surges 1.1% as First ETF Approved

The first XRP ETF has been approved, sparking speculation about whether this will trigger XRP’s next all-time high. The ProShares Ultra XRP ETF (UXRP) is set to launch on July 18, which is expected to attract significant trading volume and fuel a bullish XRP price prediction in the near term. This move marks a pivotal moment for Ripple’s native assets after years of facing opposition from the U.S. Securities and Exchange Commission (SEC).

Alongside UXRP, ProShares was also able to get its Ultra Solana ETF (SLON) listed. This fund functions similarly to UXRP but provides exposure to SOL instead. A spot XRP ETF has not yet been approved. UXRP uses derivatives like futures and options to open leveraged positions to deliver its intended 2X result. The market has reacted positively to the news, as XRP has increased by 1.1% in the past 24 hours.

The popular crypto trader Ali Martinez shared an XRP price prediction of $4.8 if the price manages to break through the $3 decisively within the next few days. This is a critical threshold from both a psychological and technical perspective in the weekly chart according to Martinez. The daily chart confirms this view as the price is currently hitting this threshold and already showing signs of increasing selling pressure at this level. The price action briefly surpassed that mark two days ago, and above-average trading volumes indicate that sellers showed up to cash out of their positions once XRP reached that mark. Today’s uptick could seal the deal if bullish momentum picks up during the U.S. trading session. A clean breakout could send XRP toward the $4 mark, though a quick retest of former resistance at $2.65 may be needed first to build the momentum.

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