Ripple RLUSD approval sparks optimism, speculation on XRP growth
XRP surges 300%, driven by ETF speculation and adoption
XRP, Ripple’s Native Cryptocurrency, Soars Over 300% in 30 Days Amid Renewed Interest and Speculation
XRP, the native cryptocurrency of the Ripple network, has surged by more than 300% in the past 30 days, sparking renewed interest and speculation about its future potential. Despite this remarkable rally, some metrics and indicators suggest the asset still has room for further growth.
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One such indicator is XRP’s rising social dominance. According to data from crypto analytics platform LunarCrush, the metric nearly doubled in the past 24 hours, climbing from 3.85% to 5.85%. This surge reflects increased discussion and engagement around XRP among crypto enthusiasts and market participants, The Crypto Basic reports.
While a spike in social metrics can sometimes indicate an overbought condition, LunarCrush's analysis shows that sentiment around XRP remains largely neutral. This neutrality suggests that the asset’s price growth isn’t solely driven by hype, leaving potential for continued gains.
XRP’s recent price increase coincides with major news: Ripple’s RLUSD stablecoin has received approval from the New York Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse announced the milestone on social media platform X, stating, "This just arrived… We have received final approval from the New York State Department of Financial Services for RLUSD. Exchange and partner listings coming soon.” This regulatory breakthrough has reignited optimism within the XRP community.
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ETF speculation fuels hopes
In addition to regulatory victories, speculation about the potential launch of XRP exchange-traded funds (ETFs) is adding to the excitement. Reports suggest that major asset managers, including BlackRock, are exploring the possibility of filing for XRP ETFs. Meanwhile, firms such as WisdomTree, 21Shares, and Bitwise have already submitted applications to the U.S. Securities and Exchange Commission (SEC) for similar products.
An XRP ETF could offer institutional investors regulated access to the cryptocurrency, leading to significant capital inflows and bolstering mainstream adoption. The success of Bitcoin spot ETFs, which have drawn billions in investment, highlights the transformative potential of such financial products for XRP.
Ripple’s legal battle nearing resolution?
Adding another layer of intrigue, Ripple’s ongoing legal battle with the SEC remains a critical factor for XRP’s future. Speculation about a possible settlement is gaining momentum, particularly as the new U.S. administration may bring regulatory changes. A resolution could remove uncertainty regarding XRP’s status, solidify its classification as a non-security, and create a more favorable environment for institutional adoption.
Analysts remain optimistic about XRP’s trajectory, with some forecasting its price could rise to $20 if current trends persist.
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Notably, XRP Ledger (XRPL) recently reduced its reserve requirements by 90%, lowering the mandatory reserve to create a wallet from 10 XRP to just 1 XRP—an additional move that could encourage greater adoption.
Whether driven by regulatory victories, ETF approvals, or legal clarity, XRP appears poised for further growth, solidifying its position as a key asset in the evolving cryptocurrency market.
