XRP Reaches One-Month High Amid ETF Buzz
XRP, the third-biggest cryptocurrency by market capitalization, has surged by more than 12% over the past 24 hours, according to CoinGecko data .
The token has hit an intraday high of $2.87, surging to its highest level since Dec. 3.
The price spike comes amid growing ETF buzz, with banking behemoth JPMorgan recently predicting that an XRP ETF might end up attracting up to $8 billion.
Last year, banking giant Standard Chartered also predicted that an XRP ETF could end up being launched in 2025.
Presently, there are several issuers that are attempting to launch such a product, but it remains to be seen whether the SEC is ready to greenlight ETF.
Various analysts have opined that the mere fact that JPMorgan has published its predictions for an XRP ETF is notable.
According to analytics platform Santiment, the ongoing XRP price rally is being supported by "continued enormous accumulation" from various cryptocurrency wallets that hold between 1 million and 10 million tokens.
These wallets now own 37% more coins than they did just two months ago, according to Santiment.
The most recent rally also comes on the cusp of SEC Chair Gary Gensler leaving the agency less than a week from now. Paul Atkins, the next SEC boss, has been widely predicted to adopt a much more favorable stance toward the industry.
Following its massive price spike, XRP is now just 16% away from reaching a new record high after seven years. The Ripple-affiliated token remains one of the very few major tokens that have failed to reach a new peak after several bullish cycles. However, the ETF buzz could be the bullish catalyst that eventually changes this.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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