- Bitwise recently announced the launch of the $XRP ETF Trust, which means $XRP ETF is in the works.
- Ripple’s open interest tops $1B Over the weekend, its spot trading volume approached $3B.
- Cryptocurrency analyst Carl Runefelt discovered Bullish Triangle Pattern on $XRP Performance Chart.
It seems like the time has come for another crypto ETF to hit the market.
Ripple ($XRP) is next in line, judging from the $XRP ETF trust created by Bitwise. The fund manager officially applied for a spot ETF on Monday.
at the same time, Coin trading volume exploded in the past 24 hours (+65%), reaching $2.8B. $XRP currently trades at $0.602, up 2.46% from last week.
CoinGlass data shows that $XRP’s open interest surged to over $1B over the weekend, with spot trading volume exceeding $2B.
Back in May 2024, Ripple CEO (Brad Garlinghouse) claimed $XRP ETF is “inevitable” It seems he is right.
Let’s see what happened and when the $XRP ETF will be listed.
XRP shines despite being hounded by SEC
this SEC tries to bury Ripple undergroundaccusing the company of safety violations. Although the court dismissed the charges, it still fined Ripple $125 million.
However, this did not stop Ripple. The legal “victory” has brought huge optimism to the market, with some analysts even predicting a price range between $16 and $20 if XRP overcomes key resistance levels.
Now, Bitwise has requested a spot $XRP ETF and officially confirmed that the request came from them. This gives investors peace of mind because Several illegal filings have previously driven up the price of the token.
A $XRP ETF trust is in the works – it’s clear. But that doesn’t necessarily lead to the ETF being listed. that’s a It’s a long process, but it’s a solid first step in this direction.
Grayscale also appears interested in launching a $XRP “closed-end” fund for accredited investors.
If approved by the SEC, $XRP will become the third cryptocurrency ETF in the world. Considering the performance of the BTC and ETH ETFs, Ripple may see huge improvements in the future.
Ripple’s open interest raises expectations – exceeds $1 billion
$XRP’s open interest crosses $1B markindicating strong market activity. Despite the drop to around $945B, general market sentiment is positive.
Spot volume is also approaching $3B, up 65% in the past 24 hours. Everything points to XRP rising, and as more ETF-related news emerges, XRP’s rise may accelerate.
Ripple’s open interest last hit the $1 billion mark in March, making this move particularly bullish.
Carl Runefelt, a cryptocurrency analyst known as “The Moon” on YouTube, demonstrates bullish triangle pattern On the chart of $XRP.
On the other hand, Ripple still hasn’t quite broken through the $0.6 resistance level, which could mean one of two things:
- Either to accumulate momentum for a decisive breakthrough
- May retest support at $0.55
Which one will it be?
Looking ahead – $XRP becomes the third most likely ETF in the world
Ripple Its status as the third ETF in the world is more or less confirmed.. We’re just waiting for the process to unfold and for SEC approval.
As for the performance of $XRP, the coming days are likely to be bullish, depending on upcoming news regarding its ETF. Until then, we’ll have to wait and see.
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Disclaimer: The opinions expressed in this article do not constitute financial advice. Readers are encouraged to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
