XRP News Today: XRP Surges 11% as First US ETF Launches

XRP, the native asset of the Ripple network, has surged by 11% in the past 24 hours, breaking through the $3 barrier. This rally is largely attributed to the approval of the first exchange-traded fund (ETF) linked to XRP in the United States. The ProShares Ultra XRP ETF (UXRP) is set to begin trading today, providing leveraged exposure to XRP by seeking to produce two times the daily performance of the token through investments in derivatives such as futures and options.

This development marks a significant milestone for XRP, which has faced regulatory and legal challenges, including a long-standing lawsuit by the U.S. Securities and Exchange Commission (SEC). Despite these hurdles, XRP has shown remarkable resilience, delivering a 57.2% gain since the start of the year and breaking out of its consolidation phase. The token is now just 15% away from its January 18 all-time high of $3.84.

According to analysts' forecasts, XRP could rise to $4 after the launch of the UXRP ETF. The approval of this ETF is seen as a pivotal moment for the blockchain project, potentially triggering a short-squeeze and further bullish momentum. The Relative Strength Index (RSI) has already entered overbought territory, indicating a strong uptrend but also increasing the risk of a pullback. Significant liquidity lies above the $3.4 level, suggesting a potential explosive move once XRP hits that threshold.

The launch of the UXRP ETF is expected to attract more institutional investors to XRP, further boosting its price. The ETF provides a regulated and accessible way for investors to gain exposure to XRP, which could drive demand for the token. However, it is important to note that the actual impact of the ETF on XRP's price remains to be seen, and investors should exercise caution when trading this volatile asset.