XRP ETF Potential Gains Momentum Following Ethereum’s Approval
After the recent approval of Ethereum’s ETF, industry experts are now turning their attention to the possibility of an XRP ETF. Analysts believe that Ethereum’s success could pave the way for other digital assets, with XRP being a logical next step. The growing adoption and market stability of XRP are seen as positive factors that could contribute to the approval of an XRP ETF.
Crypto enthusiast JackTheRippler has projected that XRP could achieve a market cap of $500 billion, aligning with the optimistic sentiment surrounding the potential ETF approval. The introduction of an ETF for XRP would likely increase its market visibility and liquidity, attracting institutional investors.
On May 24th, XRP showcased resilience amidst market fluctuations, trading at $0.5282. Technical indicators, such as the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI), indicate bullish momentum. If XRP can successfully break through the $0.5310 resistance level, it has the potential to climb to $0.5703, representing a significant 8% gain.
An XRP ETF could also have a positive impact on the XRP Ledger (XRPL) ecosystem, particularly in its DeFi sector. Projects like the CTF token on XRPL show promising growth potential. JackTheRippler predicts that CTF could surge from 0.97 XRP to 374.25 XRP due to increased demand and limited supply. These projections highlight the potential ripple effect an XRP ETF could have on related projects.
While a successful break above the $0.5310 resistance level could lead to a further 8% gain, failure to close above this level may result in XRP retracing to test support levels at $0.5064 or even the May 13 low of $0.4866.
