XRP Set for potential 75% Surge Despite Lately Being Flat
XRP remained stagnant on Saturday despite top cryptocurrencies hitting new highs. However, XRP enthusiasts believe it could soar 75% this month for several reasons.
Strong Technical Signs
The XRP price chart reveals promising patterns. A bullish flag shape indicates a likely upward trend. This flag patterns aim for a price target of around $4.6. Also, the chart fits into the cup-and-handle pattern, which projects a potential climb to $52, or 75% higher than its current level.
Spot XRP ETF Approval Chances Climb to 85%
Ten financial giants, including Invesco and Bitwise, have submitted applications for spot XRP ETFs. The probability of approval stands at 85%, based on market assessments.With the Ethereum spot ETF receiving considerable inflow of capital totaling $12.4 billion, it appears that there exists an appetite among U.S.investors for such products. Moreover, existing XRP-linked ETFs, like the Teucrium and ProShares ones, have attracted millions, indicating more potential for this nascent sector.
Ripple Ecosystem Expanding Rapidly
Meanwhile, the Ripple network continues its growth trajectory with Ripple USD nearing the $700 million assets mark. It recently featured in the Bullish IPO and is expected in Gemini’s upcoming issuance too. The RLUSD stablecoin, backed by Rail purchases, recorded a noteworthy 15% hike in transactions to reach $2.7 billion over the last month. Ripple’s push to change the rigid SWIFT network by facilitating quicker, cheaper transactions further bolsters XRP’s prospects.
