What happened?
The price of XRP has dropped by 1.5% in the last 24 hours, reaching $2.09, as the broader crypto market also saw a similar decline. Despite this short-term dip, XRP has increased by 12% over the past two weeks and holds a significant 293% gain over the last year. With the incoming SEC Chair Paul Atkins set to review 10 XRP ETFs, along with Ripple nearing the end of its legal battle with the SEC, there is potential for a big rally for XRP later this year.
Who does this affect?
This primarily affects investors and traders who hold XRP, as they anticipate potential changes in the cryptocurrency’s value due to upcoming ETF approvals. It also impacts the broader crypto market and stakeholders awaiting clearer regulatory stances from the SEC, given the new leadership under pro-crypto chair Paul Atkins. Additionally, Ripple Labs and their ongoing strategic partnerships could see increased influence in the financial sector should these regulatory developments proceed favorably.
Why does this matter?
The potential approval of XRP ETFs could significantly impact the market by legitimizing XRP further, potentially boosting investor confidence and driving up prices. As Ripple’s legal situation with the SEC improves, the company may engage in further growth initiatives, which could bolster XRP’s position and appeal in international markets. Moreover, the approval of multiple crypto ETFs could mark a pivotal shift in the crypto landscape, affecting various other coins and the overall market dynamics.