Bitwise XRP ETF Proposal Sparks Bullish Outlook: Rally Ahead?!

Ripple Labs-backed XRP has seen heightened volatility recently, driven by changes in the global economic outlook. With a fully diluted valuation of approximately $59.7 billion and an average daily trading volume of $3.5 billion, XRP dropped nearly 4 percent over the past 24 hours, trading at around $0.598 on Wednesday, October 2, during the early European session.

While the recent price drop is largely attributed to escalating geopolitical tensions in the Middle East, XRP had already hinted at a breakout from a long-standing falling logarithmic trend earlier this week. Despite the price dip, XRP has maintained its position above the 200-day Moving Average (MA) since its bullish breakout in September.

So… are we headed to new highs?

From a technical perspective, XRP’s daily chart shows a macro reversal pattern after being stuck in a corrective phase since July 2023. If October’s bullish crypto sentiment holds, XRP could rally to $0.75, aligning with the 1.618 daily Fibonacci Extension level.

Ripple’s XRP Unlock

In the past 24 hours, Ripple unlocked 1 billion XRP units from its escrow account. However, Ripple locked backed 800 million XRP to the escrow account for later unlocks

The blockchain payment comes as left with 200 million XRP, worth about $118 million, to fund its operations, including further developing the XRPL chain to enable programmable smart contracts in the near future.

XRP ETF Soon?

Following the notable Ripple win against the US SEC, which gave XRP much-needed regulatory clarity, more institutional investors have shown interest in the XRP market. In the latest update, Matt Hougan, CIO and co-founder of Bitwise confirmed that the firm has filed in the state of Delaware for an XRP ETF.

If approved later next year, the Bitwise spot XRP ETF will further motivate other firms to follow the same path and significantly increase the mainstream adoption of the crypto asset.

Major XRPL Development

Ripple Labs continues to make strides in XRPL development to challenge leading blockchains like Ethereum (ETH), Solana (SOL), and BNB Chain. Ripple developers are currently testing RLUSD, a fiat-backed stablecoin, as part of their broader strategy to enhance the XRPL ecosystem.

As a result of these notable developments, XRP’s Open Interest has surged to over $1 billion, indicating a potential bull run in the near future. The combination of technical indicators and institutional interest suggests XRP could see significant gains in the coming months.

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