Cryptocurrency enthusiasts were in for a surprise as XRP, often overshadowed by its peers, experienced a remarkable price surge. On Monday, it shot up by an impressive 20.5%, breaking through multiple resistance levels to reach a new yearly peak above $0.7440.
This surge comes at a time when many in the XRP community were concerned about its lackluster performance in the current bullish market. Among those closely watching XRP’s surge is Martin Hiesboeck, Head of Research at Uphold Exchange.
He credits XRP’s impressive performance to recent positive developments surrounding the asset, especially after last year’s legal rulings.
Also Read: XRP Price Is Ready to Hit $2 Says XRP PRO-lawyers
Following a legal victory in July 2023, the XRP ecosystem witnessed significant growth. Notably, passive revenue opportunities for XRP holders through the upcoming Automated Market Maker (AMM) service have been approved. Additionally, institutions like SBI in Japan have launched cross-border payment services across several Asian countries using XRP.
The buzz around the XRP exchange-traded fund (ETF) continues to grow. Hisboeck confirmed that XRP is a qualified U.S.-listed fund vehicle awaiting activation, suggesting potential further price impact.
While optimism about XRP ETFs is growing within the community, major asset managers like BlackRock remain cautious. However, figures like Ripple CEO Brad Garlinghouse and Valkyrie chief executive Steve McClurg believe in the inevitability of an XRP ETF. Former Ripple director Sean McBride even predicts its availability either this year or in 2025.
Although the timeline for a U.S.-listed XRP ETF remains uncertain, new financial opportunities for XRP are emerging globally. For instance, an XRP exchange-traded product (ETP) has been listed on the Swedish Stock Exchange, offering investment opportunities.
Read More: Ripple XRP ETF Could Launch in 2024, Claims Insider
XRP’s recent surge highlights its resilience and potential in the cryptocurrency landscape. As the ecosystem evolves, all eyes remain on the unfolding story of the XRP ETF, poised to reshape the digital asset’s trajectory in the near future.
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