Recently, XRP has drawn attention due to rising prices and expectations of ETF approval in the US. The analysis indicates this decision could greatly influence XRP's market dynamics.
XRP Price Prospects
XRP faced rejection after reaching a peak of $3.04, driven by ETF speculation. Demand for XRP futures rose by 5% over the month, totaling the equivalent of $7.91 billion.
Awaiting ETF Approval
Bloomberg analysts estimate XRP's ETF approval chances at 90% or higher, with the SEC's decision expected in late October. This could be a pivotal factor for increasing interest in XRP.
Current XRPL Metrics and Competition
Despite XRP's resilience, XRPL metrics remain relatively low, holding only 2% of Real World Assets. Competition from other blockchains, such as Avalanche and Stellar, also remains significant.
There is potential for XRP's price to rise if the ETF is approved; however, current XRPL metrics and significant competition may limit its further development.
