XRP Surges 6% Amidst US Regulatory Tailwinds and ETF Optimism

XRP, the native cryptocurrency of Ripple, has seen a significant surge of over 6% today, driven by a combination of positive market trends and investor sentiment. This gain comes amidst a broader recovery in the crypto market, with Bitcoin and other top altcoins also performing well. The positive regulatory environment in the US, particularly the SEC's acknowledgment of several XRP ETF filings, has further bolstered investor confidence in the digital assets space.

The approval of the first Spot XRP ETF in Brazil by Hashdex has also contributed to the recent surge in XRP's price. While the launch date has not been officially announced by Brazil's B3 exchange, market participants are eagerly awaiting this development. Additionally, the US SEC's acknowledgment of ETF filings by Canary Capital, WisdomTree, Bitwise, Grayscale, and 21Shares has further fueled market optimism regarding a potential XRP ETF launch in the US.

The US's shifting stance towards a more crypto-friendly regulatory environment has also played a significant role in driving market sentiment. The SEC's halt of several crypto cases, such as the Binance and Coinbase lawsuit, has sparked market speculations about a potential resolution in the long-running Ripple vs. SEC case. Furthermore, former US President Donald Trump's mention of Ripple and XRP on the Truth Social platform has gained market attention and contributed to the recent price rally.

As XRP price surged about 6% today, it hovered near the $2.7 mark, with its trading volume soaring 7% to $5.37 billion. The crypto touched a 24-hour high and low of $2.74 and $2.55, respectively. XRP Futures Open Interest also rose 6% to $4.07 billion, reflecting the positive market sentiment. Market experts, such as EGRAG CRYPTO, have shared insights on the price trajectory of the coin, suggesting that if XRP maintains a strong momentum above $2.62, it could target $2.83 next. Once it breaks above the $2.83 support, it will likely target the $2.9 to $3.10 range, indicating a potential reclaim of the $3 mark soon.