A whopping $10 billion worth of funds flooded into Ripple XRP’s market cap late Thursday. The influx of new funds made the leading altcoin soar 8% and touch a high of $2.52 in the day’s session. Just when investors were hopeful that $3 could be on the cards, the market headed south early Friday, erasing all gains. It plummeted to the $2.2 range and is currently extremely volatile in the charts.
Who Pumped $10 Billion Worth of Funds Into Ripple’s XRP?
The $10 billion worth of funds on Thursday came after the Nasdaq launch of the Canary XRP ETF (XRPC). It became the first US Spot ETF with direct exposure to XRP for institutional clients. While the debut saw an 8% rise for the altcoin, it also erased the gains the same day. Bloomberg’s Senior ETF analyst Eric Balchunas covered the launch extensively, highlighting that $26 million in trading volume occurred in the first 30 minutes after the approval.
Also Read: XRP’s Setup Suggests $2.3 Comes First, Then a Monster Rally To $8
Will the ETF Power Push the Altcoin to $3?
Chances of the ETF approval pushing XRP above the $3 mark remain slim. If it had to, it could have pushed it on the first day of the launch, but that didn’t happen. The cryptocurrency market is volatile and can cut through gains that were generated in the morning by afternoon. This puts the market in a high-risk category.
Even the revised price prediction from CoinCodex does not indicate that XRP would reclaim $3. The highest the leading altcoin could reach by the end of the year is $2.62. That’s an uptick and return on investment (ROI) of approximately 13% from its current price. Therefore, an investment of $1,000 could turn into $1,130 if the forecast turns out to be accurate. That is still decent returns considering the timeframe is only two months.
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