What happened?
XRP, the 3rd largest cryptocurrency by market cap, is currently valued at $3.17 and has seen a 4% increase over the last 24 hours. The U.S. Securities and Exchange Commission (SEC) is set to make decisions on multiple XRP ETF applications between October 18-25. Meanwhile, traders assign a 93% probability of approval for these applications by year-end.
Who does this affect?
This development primarily affects the holders and potential investors of XRP, including institutional entities. Current bullish sentiments in the altcoin season, which is indicated by the Altcoin Season Index at 78, suggest that more capital is shifting into non-Bitcoin assets such as XRP. If the SEC approvals go through, it could potentially open new liquidity streams.
Why does this matter?
The ongoing developments surrounding XRP can have a significant impact on the market. On-chain and derivatives data indicate increasing demand, and traders are readying themselves for a potential October catalyst. If the ETF approvals succeed, there’s a chance for XRP to initiate a more substantial rally, possibly reaching $5, thereby affecting the overall crypto market dynamics.