Ripple (XRP) is showing slight growth after weeks of a downtrend, increasing by more than 5% and reaching just over $3. There is optimism among traders regarding potential ETF approvals.
Ripple ETF Optimism
According to analysts at B2BinPay, the crypto market is demonstrating a divergence in sentiment. Traders are rotating capital into altcoins with near-term catalysts, such as XRP. They noted that options data shows growing optimism towards XRP, especially amid expectations for US ETF approvals later this year. Specifically, December call options for XRP are trading well above puts, indicating market confidence.
Analysts Signal Strong Movements
Analysts, including 'Crypto Tony', observed that crossing the $2.95 level for XRP is a bullish trigger. Another expert, Ali Martinez, stated that a breakout above the descending triangle pattern could increase XRP's price to $3.60, suggesting that ETF approval optimism may further boost XRP's momentum.
Ripple's Expansion in Europe
XRP's recent price momentum coincided with Ripple's expansion in Spain. This week, it was announced that Ripple is partnering with BBVA to integrate its self-custody solution, Ripple Custody, into the bank's recently launched crypto trading and custody services. This collaboration allows BBVA to securely manage tokenized assets, including BTC and ETH, while ensuring regulatory compliance.
With growing optimism in the XRP market, traders and analysts continue to monitor potential changes that may lead to significant price increases by year-end.
