Ripple’s XRP token is currently among the best-performing cryptocurrencies in the top 100 projects. XRP has outshined Bitcoin (BTC) and Solana (SOL) in the daily and weekly charts. The asset has rallied 4.4% in the daily charts, 9% in the weekly charts, and 389.5% in the yearly charts. Despite the rally, the asset’s price has dipped 16.4% in the 14-day charts and 8.3% over the previous month.
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ETF Development Pushing XRP
XRP’s latest rally is likely due to the US SEC accepting Grayscale’s 19b-4 application to convert their XRP Trust Fund into an ETF. The move may have led to a rise in investor sentiment. The SEC’s Bitcoin (BTC) ETF approval last year led to the underlying asset hitting a new all-time high. Investors probably anticipate a similar pattern for XRP. The SEC has accepted the application to convert the trust into an ETF. The move does not mean that an ETF has been approved for trade.
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Ripple’s XRP token could have an approved ETF very soon. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, XRP has a 65% chance of getting an ETF approval this year.
Will The Asset Hit $3.2?
According to CoinCodex, XRP will consolidate around current levels till early April before rallying. The platform anticipates the asset to hit the $3.2 mark on April 10. CoinCodex predicts XRP will hit a new all-time high of $4.37 on April 15. Hitting $4.37 from current price levels will entail a rally of about 70%.
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There is also a possibility that XRP will face a correction in the coming weeks. Macroeconomic factors may present significant hurdles to the crypto market. The Federal Reserve is yet to announce an interest rate cut for this year. Investors may become weary of risky assets, such as cryptocurrencies.
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