The cryptocurrency markets are experiencing significant losses following a sharp decline in Bitcoin (BTC). While altcoins exhibit double-digit drops, analysts share bold predictions for XRP Coin.
Potential Rise in XRP Coin Price
The President of Ripple has stated that the next major development will be the approval of a spot XRP Coin ETF following recent approvals of BTC and ETH. The process for XRP Coin is expected to advance under the new crypto-friendly SEC chair.
Bitcoin (BTC) Situation
At the time of writing, the price of BTC has weakened again as U.S. markets opened. Macroeconomic developments adversely affect risk markets, the dollar index has surged unexpectedly, and inflation remains high. The Fed is likely to maintain elevated interest rates unless significant job losses occur.
Cryptocurrency Analytical Forecasts
Analyst Mikybull predicts that XRP Coin could rebound to a range of $3 to $7 by year-end. If this prediction holds true, it would signify a tremendous market valuation for Ripple (XRP).
Despite current challenges in the cryptocurrency market, analysts and participants believe that upcoming changes may facilitate growth in XRP Coin price and address existing issues.
