Recent activity in the cryptocurrency market has intensified over the past 24 hours. Litecoin (LTC) and Ripple (XRP) continue to maintain their upward trends, with eyes on the upcoming U.S. Consumer Price Index (CPI) data and potential ETF approvals.
Anticipation of ETF Approval Supports Litecoin’s Price
Litecoin (LTC) has become a favorite among investors in recent days. According to CoinGecko data, Litecoin’s market capitalization has surpassed $9.7 billion, placing it 18th in the list of cryptocurrencies. One of the main drivers of the rising Litecoin price is the anticipation of spot ETF approval. Canary Capital recently submitted an application for a spot Litecoin ETF, while Grayscale plans to convert its existing Litecoin Trust into an ETF. Bloomberg analyst James Seyffart evaluates the likelihood of such products being approved by the end of the year at 90%.
Ripple (XRP) Price Approaches the $3 Threshold Again
Ripple's XRP is also gaining attention following a recent price increase, surpassing $2.50. Analysts predict this upward trend could continue, potentially bringing the price to $3. XRP is also in the ETF race. On February 6, the Cboe BZX Exchange submitted an application for a spot XRP ETF, with major players like WisdomTree, 21Shares, and Bitwise applying.
Prospects of ETF Approval and Market Impact
The approval of ETFs would make Ripple and Litecoin more accessible to U.S. investors, potentially boosting their long-term price performance. Data from Polymarket indicates an 81% chance that a spot XRP ETF will be approved within this year.
The rise in Litecoin and Ripple prices is largely driven by ETF approval hopes. Such an event could significantly enhance the accessibility of these cryptocurrencies to investors, particularly in the U.S., and could strongly influence their future market developments.
