CandleFocus

XRP Surges by Double Digits to New 3-Year High, As ETF Speculation Grows

Author: Content Editor
XRP has reached its highest price since May 2021, hitting $1.67 on Friday. This surge in price is attributed to growing speculation of an XRP exchange-traded fund (ETF) and optimism regarding potential changes at the U.S. Securities and Exchange Commission (SEC). WisdomTree registered an XRP ETF in Delaware, Ripple announced plans to invest in the Bitwise Physical XRP ETP, and CEO Brad Garlinghouse expressed belief that approval of an XRP ETF is inevitable. This news comes as Bitcoin and Ethereum ETFs have been approved in the U.S., leading to increased interest in crypto-backed investment offerings. However, XRP is still dealing with regulatory and legal battles with the SEC. With the impending departure of SEC chair Gary Gensler, some of the uncertainty surrounding XRP has lifted. Despite the recent price surge, XRP is still 51% off its all-time high reached in January 2018.

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