XRP News Today: XRP Surges 5% to $2.29 as Grayscale ETF Approval Boosts Price

XRP, a popular altcoin among institutions and digital funds, has seen a 5% price increase in the past 24 hours, reaching $2.29. This surge comes despite minimal movement in the broader cryptocurrency market. Over the past week, XRP has risen by the same percentage, and it has seen a 6% increase over the past fortnight. Notably, XRP has experienced a remarkable 375% increase over the past year.

The recent price movement follows the approval of the Grayscale Digital Large Cap ETF, which includes XRP in its basket of digital assets. However, the Securities and Exchange Commission (SEC) has since frozen this approval pending the establishment of a clearer regulatory framework for exchange-traded products (ETPs).

Despite this temporary setback, analysts remain optimistic that the approval paves the way for spot-based XRP ETFs, which could have significant long-term implications for the XRP price. Analyst Nate Geraci, for instance, views the approval as extremely positive, suggesting that the SEC's delay is merely to establish formal listing frameworks and standards for crypto ETFs. Once these guidelines are in place, Geraci believes the "floodgates" will open for XRP ETFs.

This optimism is reflected in XRP's recent price movements and technical indicators. The coin's Relative Strength Index (RSI) has shot up to 60, and its Moving Average Convergence Divergence (MACD) is about to turn positive, signaling that bulls may soon take control of the market. Additionally, there has been an increase in XRP fund inflows and a rise in the coin's funding rate, reaching 0.0104% today.

Ripple, the company behind XRP, continues to expand its business, further supporting the altcoin's fundamentals. Recently, Ripple applied for a US banking charter, which could facilitate the growth of its stablecoin business. This development is seen as very bullish for XRP, with analysts predicting that the coin could reach $2.50 in August and $3.50 by the end of the year.

According to the analyst's forecast, the approval of spot-based XRP ETFs could be a massive boost to the XRP price. This, combined with Ripple's ongoing expansion, suggests that XRP could experience a long, sustained rally in the latter stages of the year. The analyst's forecast predicts that XRP could reach $100 in the future, although this remains speculative and depends on various factors, including regulatory developments and market conditions.