XRP news today: XRP Surges 35% as Spot ETF Approval Hopes Rise

Ripple’s XRP has started the new month on a strong note, with a significant increase in spot market strength. This surge in buyer optimism comes amidst the broader cryptocurrency market's volatility, indicating a shift in market sentiment. The heightened confidence in the spot market suggests that speculation is waning, and buyers are increasingly committed to their spot holdings.

In the spot premium market, traders are engaging in the purchase of crypto assets, specifically Ripple’s XRP, at elevated levels. This increased trading activity points to a robust demand driving the movement in the XRP market. The trend is further supported by Glassnode’s recent report, which highlights growing optimism among XRP holders over the past months. According to the on-chain analytical firm, the number of addresses holding a minimum of 10,000 XRP coins has been steadily increasing since November 2024. This accumulation is largely attributed to large whales who are exercising patience and maintaining their long-term positions despite market fluctuations.

The optimistic outlook for the spot market is likely driven by the anticipation of an XRP Spot ETF approval by the U.S. Securities and Exchange Commission. The regulatory body's decision to backpedal on its case against Ripple has heightened expectations for approval. According to data from the decentralized prediction platform Polymarket, the probability of a Spot XRP ETF approval has increased to 78% this year. In March, leading investment firms filed for XRP ETF products, adding the asset to a list of 72 crypto spot-based ETFs awaiting approval from the SEC. Despite XRP's 35% retreat between January and April, with the fourth-largest crypto by market cap now trading at $2.21, expectations of a potential surge remain tied to a possible Spot ETF approval.